Dubai: Crescent Petroleum, the privately-owned energy company, has completed a series of steps to reduce carbon intensity and offset remaining emissions. Natural gas now makes up 85 per cent of its total production and it has reduced gas flaring by nearly 80 per cent to 0.12 per cent of production and with plans to further reduce it towards zero going forward.
The process improvements have also allowed Crescent Petroleum to achieve a carbon intensity of 6.0 kgCO2e/boe, which is less than one-third of the industry average. The company has also offset the remaining emissions from its operations with carbon credits to support renewable wind power projects in China and Mongolia, supporting cleaner electricity that would normally be generated by burning coal and achieving carbon neutrality across its operations.
“The role of natural gas in replacing coal and liquid fuels in the developing world is a critical part of the energy transition and a necessary enabler for renewables adoption as well as a future hydrogen economy,” said Jafar, who announced the company’s net-zero milestone at an event hosted by the Atlantic Council. He was joined by Mohammad Barkindo, the Secretary-General of OPEC, and HelimaCroft, Managing Director and Global Head of Commodity Strategy at RBC Capital Markets.
Crescent Petroleum has detailed its own sustainability progress in its annual sustainability report for the past five years. The reports highlight Crescent Petroleum’s commitment to improving its Environmental, Social and Governance metrics.