Page 14 - NorthAmOil Week 10 2022

NorthAmOil NEWS IN BRIEF NorthAmOil

year ended December 31, 2020. today launched the Aiming for Zero Methane supplement methane emissions estimates
Chief executive officer Anthony Gallegos Emissions Initiative which calls for an all-in with more monitoring and measurement
commented, “ICD exited 2021 with all of approach that treats oil and gas methane technologies, and introduce new solutions to
our operational and financial goals intact, emissions as seriously as the industry already avoid methane emissions. We welcome the
and market conditions continue to improve treats safety: aiming for zero and striving to continued improvement of measurement,
rapidly as the supply of pad-optimal super do what is needed to get there. reporting and verification (MRV)
spec rigs has become quite tight. Looking We recognise that eliminating methane mechanisms.
forward, although I expect the pace of rig emissions from the upstream oil and gas 5. We support the implementation
reactivations in the industry to slow compared industry represents one of the best short-term of sound regulations to tackle methane
to 2021 levels, dayrate momentum in 2022 opportunities for contributing to climate emissions and encourage governments to
continues to accelerate. Because we have change mitigation and for advancing the goals include methane emissions reduction targets
intentionally favored short-term pad-to- of the Paris Agreement. as part of their climate strategies.
pad contracts in this improving operating The initiative is already supported by the This leadership initiative supplements
environment, ICD is very well positioned CEOs of Aramco, bp, Chevron, CNPC, Eni, important multi-stakeholder initiatives, such
to quickly see the results from these market Equinor, ExxonMobil, Occidental,?Petrobras, as the Methane Guiding Principles, the Oil
improvements. Based upon signed contracts Repsol, Shell and TotalEnergies. OGCI and Gas Methane Partnership 2.0 and the
we have in hand today, we expect to see encourages all oil and gas companies to join Global Methane Alliance.
significant sequential improvements in them in this approach. OGCI has already taken significant action
revenue and margin per day in both the Signatories to Aiming for Zero Methane to reduce methane emissions, setting targets,
first and second quarters of 2022 and are Emissions Initiative believe that virtually developing and deploying technologies and
optimistic regarding further improvements all methane emissions from the industry participating in multi-stakeholder initiatives
during the back half of the year.” can and should be avoided, building on the to raise awareness and improve practices. The
INDEPENDENCE CONTRACT DRILLING, March following: member companies have reported collective
07, 2022 1. We will strive to reach near zero progress on methane since 2017 and have
methane emissions from our operated oil and reduced their aggregate absolute methane
gas assets by 2030, and we will encourage our emissions by more than 30% in the last five
ENERGY TRANSITION partners to achieve similar results. years.
2. We will put in place all reasonable means THE OIL AND GAS CLIMATE INITIATIVE, March
OGCI members aim for zero to avoid methane venting and flaring, and 08, 2022
to repair detected leaks, while preserving
methane emissions from oil the safety of people and the integrity of
operations.
and gas operations by 2030 transparently on their methane emissions.
3. Signatories will report annually and
The Oil and Gas Climate Initiative (OGCI) 4. As technology evolves, we will

P14 www. NEWSBASE .com Week 10 10•March•2022