Precision Drilling announced several key ESG accomplishments aligned with the company’s “High Performance, High Value” strategy as part of the release of its annual Corporate Responsibility Report.
The report highlighted Precision’s progress in ESG efforts and provided an outline of the company’s ESG strategies, focus areas and performance. Some highlights from the report included:
- New and existing technologies to reduce wellsite greenhouse gas (GHG) emissions;
- Partnership in geothermal energy development;
- LEED Certified corporate offices;
- Creation of Environmental (E) and Social (S) Teams;
- Increased investment in our employees and communities;
- Expanded ESG metrics in performance-based compensation plans;
- Scholarship and internship programs; and
- Robust ethics and compliance culture
The report can be accessed on Precision’s website here.
Earlier this year, Precision established an “E-Team” comprised of a well-qualified and diverse group of leaders from across the organization to bolster its sustainability efforts, specifically those relating to the environment and emissions reduction. The team has been focused on coordinating and developing strategies, plans, and technologies to further reduce environmental impact while improving efficiency, return on investment, and social perception for Precision’s customers. The E-Team is committed to partnering with suppliers, customers, industry groups and government agencies to innovate and implement green drilling technologies.
Precision also announced the brand launch of its EverGreen suite of environmental solutions, bolstering our commitment to reduce the environmental impact of oilfield operations.
“We have a longstanding commitment to operating efficiently and with environmental stewardship dating back to the 1990’s when we ran our first electric grid-powered rig. Since then, Precision has continued to make strategic investments to remain at the forefront of technological innovation including deploying our first bi-fuel powered rig in 2010, first natural gas-powered rig in 2013, and commercializing our Alpha suite of technologies to improve drilling efficiency in 2019,” the company said in a statement.
Precision’s EverGreen suite of environmental solutions encompasses:
- EverGreen Monitoring: Precision’s Integrated Power & Emissions Monitoring System provides environmental insights as they occur, monitoring fuel consumption (diesel and natural gas), power generation KPIs and real-time GHG emissions. Measurements may be extended to boilers, refueling stations and flare lines with a comprehensive power and emissions report.
- EverGreen Energy: With newly designed and digitally enabled drilling rigs and access to oilfield data and analytical tools, technological and process improvements have decreased drilling time and increased efficiency tremendously over the past decade. Highly efficient and faster wells undoubtedly reduce drilling GHG emissions and the next step change in emissions reduction will be delivered through onsite power generation, displacing diesel fuel as the primary fuel source for drilling operations.
- EverGreen Fuel Cell: Precision is currently exploring technologies and partnerships that will enable the company to incorporate hydrogen into its emissions reduction strategy. Hydrogen technologies can be used in a wide variety of applications. Hydrogen fuel cells can be used to convert hydrogen directly into electric power. Hydrogen blending can be used to combine hydrogen with diesel and/or natural gas to increase efficiency and reduce GHG emissions. Precision has recently joined The Canadian Hydrogen and Fuel Cell Association (CHFCA) where we are seeking to establish industry partnerships to develop innovative fuel cell technology for the oilfield services sector.