Oklahoma City-based Devon Energy Corp. announced Monday it is establishing new environmental performance targets focused on reducing the carbon intensity of its operations, minimizing freshwater use, and engaging constructively with its value chain.
Three of its goals including achieving net zero greenhouse gas emissions by 2050 and reducing the GHG emissions intensity by 50% by 2030. Devon also said it planned on methane emissions reduction by 65% by the same year.
“We know that strong environmental performance is essential to protecting the communities in which we live and operate, managing risk, and generating long-term value for stakeholders,” said Rick Muncrief, President and CEO.
“Devon is setting aggressive goals to lower its carbon impact, while continuing to return value to shareholders. We know the need for oil and gas will remain for decades, but as good stewards, it is incumbent on us to improve how we produce and deliver it.”
The company said its “long history of using advanced technologies to improve efficiencies” will be key to delivering on its ambition to achieve net zero GHG emissions for Scopes 1 and 2 by 2050.
In pursuit of continued transparency, Devon will refresh its Climate Change Assessment Report by year-end 2021, outlining its approach to proactively address climate-related risks and opportunities.
To demonstrate Devon’s progress in achieving its longer-term net zero ambition, the company is targeting reductions of its Scopes 1 and 2 GHG emissions intensity by 50% and methane emissions intensity by 65% by 2030 from a 2019 baseline.
Devon’s emission reduction strategy will involve a range of potential actions including expanding its leak detection and repair program; implementing advanced leak detection technologies; reducing the volume of natural gas that is flared; electrifying facilities to reduce the use of natural gas and diesel consumed onsite, including transitioning from gas-driven to air-driven pneumatic controllers; and optimizing facility design to minimize leaks and eliminate common equipment failures.
A key component of Devon’s broader emissions reduction strategy is to focus on reducing flared volumes to protect the environment.
Devon is establishing a two-pronged approach to improve its flaring performance — targeting a flaring intensity of 0.5% of gross natural gas produced by 2025 and eliminating routine flaring, as defined by the World Bank, by 2030. The company expects to drive results by continuing to engage in pre-production planning, optimize facility design and operating conditions, assess and deploy beneficial reuse technologies, and collaborate with service providers to prevent and mitigate midstream and downstream constraints.
WATER CONSERVATION
Devon is committed to conserving and reusing water and has set a target to advance its recycled water rate and use 90% or more non-freshwater for completions activities in its most active operating areas within the Delaware Basin. To minimize freshwater use, the company employs economically and operationally feasible freshwater alternatives wherever possible and has a dozen water recycling facilities throughout the basin.
VALUE CHAIN ENGAGEMENT
Devon will continue evaluating how it can constructively engage stakeholders upstream and downstream of operations to improve ESG performance across its value chain. By 2023, Devon’s contractors who perform work on Devon locations will begin undergoing annual evaluations to assess their ESG performance in key areas.
“Devon is proud to produce affordable, accessible energy that is vital to powering modern life, while further minimizing our carbon footprint,” said Clay Gaspar, Chief Operating Officer. “Our new targets reflect our dedication and commitment to achieving meaningful emissions reductions while pursuing our ultimate goal of net zero GHG emissions.”
Source: press release