ConocoPhillips, Pioneer Natural Resources and Devon Energy have joined the Oil & Gas Methane Partnership (OGMP) 2.0 initiative, which aims to improve the transparency of methane emissions reporting.
The initiative, initially composed of mostly European companies, intends to provide participating companies with the means to demonstrate they are contributing to climate mitigation and methane improvement targets while assuring stakeholders that greenhouse gases are being responsibly managed.
“Reducing greenhouse gas emissions, including methane, is an important priority for ConocoPhillips, and we are pleased to join industry members and stakeholders to advance this important area of emissions management,” said Ryan Lance, ConocoPhillips chief executive.
“We believe that applying the rigorous OGMP 2.0 reporting standard across our global assets will be a vital step on our path to net-zero operational emissions by mid-century.”
The Wall Street Journal reported that the participation of ConocoPhillips, Pioneer and Devon was orchestrated by investment firm Engine No. 1, which in 2021 successfully campaigned to get three candidates elected to ExxonMobil’s Board of Directors.
The OGMP 2.0 initiative is a voluntary, public-private partnership between the United Nations Environment Programme, the European Commission, the Environmental Defense Fund and more than 80 oil and gas companies. The initial OGMP began in 2015.
“Deployment of advanced methane detection technology and enhanced transparency are key components to Devon’s broader emission reduction strategy, including our aim to achieve net zero GHG (greenhouse gas) emissions for Scopes 1 and 2 by 2050,” said Rick Muncrief, Devon Energy chief executive.
"We believe that collaboration and collective efforts are needed to advance meaningful change at a fast pace, and are excited to be joining OGMP 2.0 with our industry peers that share Devon's intention of delivering energy to the world while reducing our impact on the environment."