US producer Hess sets new emissions targets
US oil and gas producer Hess announced on July 21 it was setting new five-year emission reduction targets, after "significantly" surpassing its previous goals in 2020.
Hess reduced its Scope 1 and 2 greenhouse gas (GHG) emissions intensity by 46% and its flaring intensity by 59% last year versus the levels in 2014, more than exceeding its five-year targets of 25% and 50% respectively. It is now striving to cut its GHG emissions by 44% and methane emissions intensity by 52% by 2025 versus the level in 2017.
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Hess noted that these targets exceeded the 22% cut in carbon intensity envisaged in the International Energy Agency's Sustainable Development Scenario, modelled from the Paris Agreement on capping global warming at under 2oC.
The company added it was contributing to work undertaken by the Salk Institute to develop plants with larger root systems that can help absorb and store possibly billions of metric tons of carbon each year from the atmosphere.
Hess works in the Bakken shale in North Dakota and in the US Gulf of Mexico. It also works in Guyana, Suriname, Denmark, Libya, Malaysia and Thailand.