ExxonMobil has said that it aims to achieve net-zero greenhouse gas emissions from working assets in the US Permian Basin by the end of this decade.
The move furthers its emissions reduction plans for unconventional operations in New Mexico and Texas.
ExxonMobil chairman and CEO Darren Woods said: “Our ground breaking plans to reach net-zero for Permian Basin operations further demonstrate our commitment and support of society’s ambitions for a lower-emission future.
“We have plans to reduce greenhouse gas emissions across our businesses by deploying the capabilities and technical strengths that are foundational to ExxonMobil.”
The company plans to reduce greenhouse gas emissions in the Permian by electrifying operations with renewable energies and using natural gas with carbon capture and storage.
It will also use satellite surveillance and a network of ground-based sensors for methane detection and mitigation.
ExxonMobil also aims to reduce flaring volumes across its operations in the Permian Basin by more than 75% by the end of this year, compared to its 2019 figures, and then completely eliminate it by the end of 2022.
It will also work to minimise non-routine flaring by securing alternative natural gas delivery points.
The company will upgrade its equipment and deploy emission offset technology in a bid to achieve its goal by 2030.
ExxonMobil unconventional senior vice-president Bart Cahir said: “Our goal of net-zero for Scope One and Scope Two greenhouse gas emissions is one of the most ambitious and wide-reaching in the Permian Basin.
“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 aims to reduce the intensity of upstream greenhouse gas emissions by 40-50% in 2030, compared to its levels in 2016.
The newly announced plan for Permian Basin is part of the company-wide effort to reduce emissions.
Headquartered in Texas, ExxonMobil is one of the largest publicly traded international energy companies. In the third quarter of 2021, the company reported net earnings of $6.8bn.