Neptune Energy has endorsed of the World Bank’s Zero Routine Flaring by 2030 initiative, which brings together governments, companies and development institutions to eliminate routine gas flaring in oil production no later than 2030.
Eliminating the routine flaring of gas is a significant and necessary step towards reducing emissions and ensuring valuable energy resources are not wasted, the company said in a statement.
“Neptune has set ambitious emissions reduction targets across our operations, with our endorsement of World Bank’s Zero Routine Flaring by 2030 initiative further demonstrating our commitment,” said Pete Jones, VP Operations Europe at Neptune Energy. “We already have one of the lowest methane intensities in the industry at 0.02%. But we want to go further, which is why we are supporting this initiative.”
Mr Jones said the endorsement is in line with Neptune’s broader decarbonization initiatives, which include ambitious targets to achieve a carbon intensity of 6 kg CO2/boe and net-zero methane emissions by 2030. To achieve these targets, Neptune is deploying a full range of initiatives which include using best available technologies to eliminate routine flaring, upgrading equipment and improving energy efficiency.
Neptune will report annually on its flaring and progress towards meeting the initiative’s objective.