Diamondback Energy joined the Oil and Gas Methane Partnership 2.0 to commit to transparent methane emissions reporting in the oil and gas sector. (Source: Shutterstock)
Diamondback Energy Inc. announced on March 27 that it has joined the United Nation’s Oil and Gas Methane Partnership (OGMP) 2.0, an environmental oil and gas reporting and mitigation program.
Over 100 companies representing 35% the world’s oil and gas production from five different continents have joined OGMP 2.0 in an effort to improve the accuracy and transparency of methane emissions in the oil and gas sector.
"Diamondback is proud to join OGMP 2.0 and apply its emission reporting framework to our asset base in the Permian Basin," stated Travis Stice, Diamondback chairman and CEO. "As we work towards achieving our emission reduction targets, it's paramount that we can rely on a framework that improves the accuracy and transparency of methane emissions reporting."
In 2022, Diamondback announced its commitment to add continuous emissions monitoring systems to its facilities for at least 90% of operated oil production by the end of 2023. By 2024, the company plans to have reduced methane intensity levels by 70% compared to 2019 levels.
RELATED
Diamondback CFO: Regulations May Ultimately Help the Industry
Headquartered in Midland, Texas, Diamondback Energy is an independent oil and natural gas company with assets in the Permian.
Recommended Reading
Liberty Capitalizes on Frac Tech Expertise to Navigate Soft Market
2024-10-18 - Liberty Energy capitalized on its “competitive edge” when navigating a challenging demand environment in third-quarter 2024, CEO Chris Wright said in the company’s quarterly earnings call.
As Permian Gas Pipelines Quickly Fill, More Buildout Likely—EDA
2024-10-28 - Natural gas volatility remains—typically with prices down, and then down further—but demand is developing rapidly for an expanded energy market, East Daley Analytics says.
Technip Awarded FEED for BP’s UK Hydrogen Project
2024-08-27 - BP’s H2Teesside is expected to be one of the U.K.’s largest low-carbon hydrogen production facilities and fully integrated with carbon capture technology.
APA, Palantir Expand Partnership to Deploy New AI Across E&P Operations
2024-09-25 - APA Corp. will introduce new AI capabilities to its oil and gas operations with Palantir Technologies’ Artificial Intelligence Platform (AIP) software.
Range Confirms: Data Center Talk Underway for Marcellus Gas-fired Power
2024-10-24 - Deals will take a while, however, as these multi-gigawatt agreements are also multi-decade investments, said Range Resources CFO Mark Scucci.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.