UAE-headquartered oil and gas company Crescent Petroleum today announced it has become a signatory to the Aiming for Zero, an initiative launched by the Oil and Gas Climate Initiative (OGCI) to encourage the oil and gas industry to cut methane emissions.
The Middle East’s oldest private oil and gas company joins over 90 companies that have pledged to do everything possible to achieve near zero methane emissions from operated oil and gas assets by 2030. Reducing methane emissions from oil and gas is critically important to meet the objectives of the Paris Climate Agreement and is a top priority for OGCI, which launched the initiative last year.
Bjørn Otto Sverdrup, Chairman of OGCI’s Executive Committee, said: “I’m delighted that Crescent Petroleum has become a signatory to the Aiming for Zero Methane Emissions Initiative. We look forward to working with Crescent Petroleum as we further develop this essential cross-industry initiative.”
As a signatory of Aiming for Zero, Crescent Petroleum has committed to put in place all reasonable means to avoid methane venting and flaring and to repair detected leaks, while preserving the safety of people and the integrity of operations. The results of these efforts will be reported annually and transparently.
Crescent Petroleum is already working to cut methane emissions from its operations and reduce overall carbon intensity. In 2022, Crescent Petroleum total flared and leakages of methane was 31% lower than in 2021.
Crescent Petroleum CEO Majid Jafar said: “Our commitment to the Zero Methane Emissions Initiative builds on our long-running efforts to reduce emissions, cut methane leaks, and achieve carbon neutrality across our operations.
“Sustainability has been a pillar of our business since our founding in 1971. As we evolved from an oil producer at the start to now over 80% natural gas, we have long believed that reducing emissions is not only our responsibility but also good for business.”
The Aiming for Zero Methane Emissions Initiative establishes an all-in approach that treats methane emissions as seriously as the oil and gas industry already treats safety. Signatories and supporters of the initiative include major oil and gas producers, service companies and leading global consultancies.
The initiative’s signatories and supporters believe virtually all methane emissions from the industry can and should be avoided.
OGCI is a CEO-led organization bringing together 12 of the world’s largest energy companies to lead the oil and gas industry’s response to climate change. The group aims to accelerate collective action towards a net-zero emissions future in line with the Paris Agreement.
Aiming for Zero complements a number of other multi-stakeholder initiatives to reduce methane emissions, including the Methane Guiding Principles, the Oil & Gas Methane Partnership 2.0 and the Global Methane Alliance.
About Crescent Petroleum
Crescent Petroleum is the first and largest private exploration and production company in the Middle East, with over 50 years of experience as an international operator in numerous countries including Egypt, Yemen, Canada, Tunisia, and Argentina, in addition to its continuing operations in the United Arab Emirates and Iraq.
Headquartered in Sharjah in the UAE, Crescent Petroleum has international offices in the UK and three locations across Iraq, as well as affiliated offices in Egypt and Bahrain. Crescent Petroleum is also the largest shareholder in Dana Gas, the Middle East’s first and largest regional private-sector natural gas company.