Oil and gas giant ExxonMobil announced Monday that it plans to achieve net-zero emissions at its Permian Basin operations, located in Texas and New Mexico, by 2030. This is part of its overall effort to reduce upstream emissions by up to 20% by 2025, which it is on track to exceed.
Exxon detailed some of the technologies and strategies it will employ to draw down its emissions, including:
- Electrifying its operations with low-carbon power, which may include wind, solar, hydrogen, natural gas with carbon capture and storage, or other emerging technologies.
- Continuing investments in methane mitigation and detection technology, utilizing satellite surveillance and a network of ground-based sensors for continuous monitoring, and aerial flyovers that identify leaks for rapid repairs.
- Eliminating routine flaring, as well as securing alternative natural gas delivery points across the basin to minimize non-routine flaring.
- Upgrading equipment.
- Employing emissions-offset technology.
To validate its emissions-reduction efforts, ExxonMobil is working with an independent validator, non-profit MiQ.
Achieving net-zero in the Permian will require a build-out of renewable energy in the region. To this end, Exxon is entering into long-term purchase contracts to support the development of wind and solar power generation.
Exxon’s plans encompass Scope 1 and Scope 2 emissions, which refer to direct operations and purchased power, respectively. Scope 3 emissions, which include the emissions entailed in the end-use combustion of fossil fuels extracted in the basin, are not included. Speaking on the broader subject of a net-zero economy, ExxonMobil Chairman and CEO Darren Woods stated, “We respect and support society’s ambition to achieve net zero emissions by 2050, and continue to advocate for policies that promote cost-effective, market-based solutions to address the risks of climate change.”