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Devon Energy Establishes Target To Reduce Methane Emissions For The US

Gasoil News - Published on Wed, 12 Jun 2019

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Devon Energy Corp announced that it is establishing a voluntary, company-specific target to reduce methane emissions for its US oil and natural gas production operations, consistent with its core value of being a good environmental steward. By 2025, Devon will achieve a methane-intensity rate of 0.28% or lower. In 2018, Devon’s methane-intensity rate was estimated at 0.32%, which is pending EPA review and third-party verification. Setting this target signals the next step in Devon’s continuing proactive pursuit to reduce greenhouse gas emissions and reaffirms the company’s commitment to protecting the environment for future generations.

Devon has established a comprehensive and transparent way of accounting for emissions across all its operated assets that goes beyond what’s required by the EPA and represents a significant step toward managing climate risk. The company’s methane-intensity rate is calculated based on emissions from Devon-operated oil and natural gas production facilities as a%age of natural gas produced. This includes all sources of emissions as reported to the EPA, plus emissions from all basins that fall below the threshold that require EPA reporting and would otherwise go unreported.

Mr Dave Hager, Devon president and CEO, said that “By continuing to operate responsibly and increasing our focus on leak detection and repair, we’re confident we can meet this ambitious target. The actions we’re taking reaffirm our commitment to responsible production operations, going beyond what is required by law in pursuit of continuous improvement in environmental performance.”

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Posted By : Rabi Wangkhem on Wed, 12 Jun 2019
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