Chevron Announces New Oil and Gas Emission Reduction Goals
Chevron
said Thursday it will adopt new goals to reduce its greenhouse gas emissions
from its oil and gas production by 2023.
The
California-based energy major aims to cut its emissions from crude oil
production by 5-10 percent and its methane emissions from natural gas
production by 2-5 percent from 2016 to 2023. The 2016 start date gives Chevron
a significant head start on achieving its goals.
For
instance, in the booming Permian Basin, Chevron in recent years already has
reduced its flaring of methane from natural gas production from about 4 percent
down to 1 percent - better than industry averages in the region.
While
Chevron was slower than other energy majors like Royal Dutch Shell and BP to
embrace climate change concerns, the company has been more proactive in the
last couple of years.
Chevron
said the new emission goals apply to all of Chevron's oil and gas production
around the world, whether Chevron is the operator of individual projects or
not. However, the goals do not apply to emissions further down the supply chain
from fuels, petrochemicals and more.
"Global
demand for energy continues to grow, and we are committed to delivering more
energy with less environmental impact," said Chevron Chief Executive
Michael Wirth.
Chevron also highlighted its efforts to address climate change by increasing its use of renewable energy and investing in new emission-capturing technologies.