EQT joins OGMP 2.0 Initiative
By Keefe Borden23 June 2021
EQT Corp. has joined the Oil & Gas Methane Partnership 2.0 Initiative, a climate and clean air coalition initiative led by the United Nations Environment Programme. More than 60 companies in the oil and gas industry participate in the initiative.
Those companies have assets on five continents and represent 30% of the world’s oil and gas production. The goal of the initiative is to develop a framework to improve reporting accuracy and transparency of methane emissions in the oil and gas sector. The OGMP 2.0 framework calls for specific methane emissions reduction targets in line with the goals of the Paris Agreement.
“Reducing methane emissions is a foundational component of our mission to be the operator of choice for all of our stakeholders, a responsibility we embrace as the country’s largest producer of natural gas,” said Toby Z. Rice, president and CEO of EQT. “Natural gas is capable of playing a key role in accelerating a sustainable path to a low carbon future, both domestically and abroad. To position natural gas as a decarbonizing commodity of choice, however, it is incumbent on industry participants to embrace a modernized approach that deploys best available technology for emissions measurement and management.”
EQT has committed to a methane detection monitoring and reporting regime that moves beyond desktop emissions estimates to one that uses the latest monitoring technologies. “To achieve this level of transparency, we must build stakeholder confidence through more accurate emissions data from real world emissions surveys,” he said.
“Tackling methane represents an opportunity for the United States to develop increased global climate, geopolitical and economic influence, leveraging the technological skills and leadership of our industry to capture greater global LNG market share.”
Later this month, EQT will announce its net zero and other emissions reductions targets and detail the steps it will take to achieve those goals.