7, May 2024
Crescent Petroleum, the Middle East’s oldest private oil and gas company, headquartered in Sharjah in the UAE, has announced major new milestones in its sustainability efforts in the UAE Year of Sustainability and as the UAE prepares to host COP28 in Dubai later this month. These include reinforcing its carbon neutrality and reducing its carbon intensity to the lowest in the MENA region, while also committing to eliminating all methane emissions from its operations by the end of this decade.
The company has further reduced its carbon intensity to 6.0 kgCO2e/boe, the lowest in the MENA region and one third of the global industry average, while offsetting the remaining emissions to maintain the company’s carbon neutrality for a third year since 2021. Crescent Petroleum cut total flared and leakages of methane 31% compared to 2021, amounting to just 0.12% of total production, while cutting hazardous waste 90% and eliminating single use plastics from operations.
Crescent Petroleum has also become a signatory to the “Aiming for Zero Methane Emissions” project of the Oil and Gas Climate Initiative (OGCI), committing to achieving zero methane emissions from its operations by 2030. The pledge reinforces Crescent Petroleum’s long-running efforts to cut methane emissions from its operations and reduce overall carbon intensity to be one of the first oil and gas companies to reach carbon neutrality.
“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,” said Jafar, who was named last month among Forbes Middle East’s “Middle East Sustainable 100”.
The OGCI “Aiming for Zero Methane Emissions Initiative” seeks to eliminate the oil and gas industry’s methane footprint by 2030. Methane emissions are responsible for 30% of greenhouse gas emissions but methane has more than 25 times the impact on climate change than carbon dioxide. Cuts in methane emissions therefor can have a major impact on reducing the emissions that cause global warming and are a top priority for the oil & gas sector. Crescent Petroleum joins more than 60 organizations that have committed to the initiative, with the aim of eliminating virtually all methane emissions from the industry.
“From the founding of Masdar to the Mission to Mars, the UAE has been a pioneer in using science and ambition to tackle challenges for humanity. The fight against climate change requires global solidarity, collaboration, and systematic thinking,” Jafar said, “And the UAE’s hosting of COP-28 in the Year of Sustainability is an inspiration for all in the private sector to achieve more in our efforts.”
Crescent Petroleum began a fugitive emissions campaign in 2021 across operations using Forward Looking InfraRed (FLIR) technology to accurately identify and fix leaks across the operation. The program reduced methane emissions by 42% in its first year and is progressing toward the goal of zero methane emissions. Crescent Petroleum also made substantial progress in cutting flaring by more than 80% since 2020 progressing toward zero flaring.
The company reinforced the emissions cuts with carbon offsets, supporting projects in thermal oxidation of HFC 23 in India and wind power in China through the purchase of UN-approved certified carbon offset credits. By securing carbon offset credits for 2022 and 2023, the company’s operations will have been carbon neutral for more than three years.
