California Resources Corp. (CRC), the state’s largest producer, said it is ahead of schedule in meeting a list of climate change goals by 2030 and shrinking its carbon footprint.
Established four years ago, the environmental, social and governance (ESG) initiatives address water, renewable energy, methane emissions and carbon capture in the oilfield operations.
Compared to a 2013 baseline, CRC has reduced its methane emissions by more than 60%, surpassing its 2030 goal of 50%, it said in a filing with the Securities and Exchange Commission. It also is continuing to “evaluate additional reduction projects.”
A carbon capture and storage project tied to its natural gas-fired power plant at Elk Hills is part of the efforts, which involves work with the Electric Power Research Institute. The goal is to design and permit the project by 2030; a front-end engineering and design study was completed last year.
CRC is also ahead in its efforts to integrate renewable energy resources with a purchased power contract for up to 40 MW of solar power to supply multiple oilfields.
“We are currently focused on developing the financing for these projects,” the filing noted.
CRC plans to have 10 MW of renewables in its operations by 2030 under the ESG initiatives. The goals dovetail with state efforts, as CRC ties employees’ compensation and life-of-the-field planning to its efforts.
CRC said it also is on track to meet its goal for water sustainability by increasing the use of produced water in 2030 by 30%. CRC said it is nearly halfway above the 2013 baseline for using recycled water.
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