ExxonMobil plans to achieve net zero carbon emissions in Permian Basin by 2030
ExxonMobil plans to achieve net zero greenhouse gas emissions from operated assets in the Permian Basin by 2030.
The plans are part of the company’s effort to reduce upstream greenhouse gas emissions intensity by 40 to 50 percent by 2030, compared to 2016 levels.
“Our groundbreaking plans to reach net zero for Permian Basin operations further demonstrate our commitment and support of society’s ambitions for a lower-emissions future,” Darren Woods, chairman and CEO, said. “We have plans to reduce greenhouse gas emissions intensity across our businesses by deploying the capabilities and technical strengths that are foundational to ExxonMobil.”
The company plans to electrify its operations with low-carbon power, which may include wind, solar, hydrogen, natural gas with carbon capture and storage, or other emerging technologies. Also, ExxonMobil plans to expand its methane detection programs using satellite surveillance and a network of ground-based sensors for continuous monitoring and aerial flyovers that identify leaks for rapid repairs.
In addition, the company plans to end routine flaring in Permian Basin operations by year-end 2022. It will be reduced by about 75 percent at the end of 2021. The company is securing alternative natural gas delivery points across the basin to minimize non-routine flaring.
“Our goal of net zero for Scope 1 and Scope 2 greenhouse gas emissions is one of the most ambitious and wide-reaching in the Permian Basin,” Bart Cahir, senior vice president of unconventional at ExxonMobil, said. “Throughout the value chain, our people are working hard to help reduce the greenhouse gas emissions associated with the products that enable modern life.”
ExxonMobil’s 2030 net zero goal for the Permian Basin will require the support of policies and advances in technology that increase the availability and reliability of carbon-neutral power in the region, including wind and solar. Through long-term purchase contracts, the company supports the development of wind and solar power generation.
At the end of the third quarter of 2021, ExxonMobil reported producing an average of 500,000 barrels of oil equivalent per day from its unconventional assets in the Permian Basin. This accounts for more than 40 percent of the company’s U.S. net production. As production increases in the Permian, greenhouse gas emissions are expected to be mitigated accordingly. Costs associated with lower-emissions technology are included in the corporate plan through 2027.
