Energy Efficiency, GHG Emissions, Sourcing Renewables - July 11, 2018
Hess reduces flares, GHG emissions
Hess Corporation announced a reduction in flaring and GHG emission intensities by 38% and 23%, respectively versus a 2014 baseline. The reductions were featured in Hess’ 2017 Sustainability Report, released on July 10.
"Our company is committed to developing oil and gas resources in a responsible and sustainable manner," CEO John Hess said in a statement. "Sustainability practices are an integral part of our strategy and operations because they create value for our shareholders and make a positive difference for the world around us."
During 2017, of the estimated 4.1 million tonnes (metric tons) of gross GHG emissions from the company’s operated oil and gas assets, 3.7 million tonnes were Scope 1 emissions, primarily from flaring and fuel combustion, while the remaining 0.4 million tonnes were Scope 2 emissions from purchased electricity.
As part of Hess’ overall Climate Change Strategy, the company established three targets for its 2014 portfolio, using that year as a baseline: reduce GHG emissions intensity by 25% by 2020; reduce flaring emissions intensity by 50%, and lower methane emissions to less than 1% of gross methane production across the U.S. natural gas value chain by 2025. As the company divested several assets during 2017, targets will be restated om 2018.
Additionally, the report noted, based on U.S. electricity generation profiles, Hess estimates that approximately 19% of electricity was generated from renewable sources, primarily wind power. The company also purchased RECs equivalent to at least 10 percent of the net electricity used in their operations.
In 2017, the company purchased 90,000 Green-e Energy certified RECS for wind power, about 11% of the electricity purchased for Hess' operated exploration and production assets. In total, including the RECs, approximately 30% of indirect energy use came from renewable sources.
Read These Related Articles:
Stay Up-To-Date
