Ovintiv meets flaring goals early
Denver-based energy company Ovintiv said October 6 that it no longer flares off the natural gas from its producing basins on a routine basis, in line with its environmental commitments.
“Ovintiv is at the forefront of driving innovation to both profitably and sustainably produce oil and gas," said CEO Brendan McCracken.
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The company said it met its goal of reducing methane intensity from its operations by 33% four years ahead of schedule. Last year, flared and vented natural gas accounted for less than 0.7% of its sales volume. Compared with 2019 levels, the company said it has reduced flaring and venting by 67%, when measured by sales volume.
“Ovintiv does not engage in routine flaring by ensuring that natural gas gathering infrastructure is in place for all wells drilled,” the company stated.
Ovintiv (formerly Canada’s Encana) reported a $205mn net loss in Q2 2021, a result which included a pre-tax loss on risk management activities of $799mn. In the same quarter last year, it reported a net loss of nearly $4.1bn, which included impairments of more than $3.2bn.
Production averaged 554,600 barrels of oil equivalent /day in the quarter, up from 536,600 boe/d in Q2 2020, with natural gas output increasing to 1.61bn ft3/d from 1.55bn ft3/d and total liquids production averaging 286,700 b/d, up from 278,400 b/d.