Ovintiv Inc. OVV announced plans to bring down the methane intensity of its North America onshore operations by 33%, which is to be met by 2025.
The proposed reduction will be compared with Ovintiv’s actual value of 0.15 metric tons CH4 per thousand barrels of oil equivalent (CH4/MBOE) from 2019, per reports. Moreover, the scaling down of its methane intensity to 0.10 metric tons CH4/MBOE would contribute to the reduction of greenhouse gas emissions by 2025. The company’s planned reductions are included in its 16th annual sustainability report that marked Ovintiv’s environmental, social and governance goals.
Methane intensity concept – The intensity baseline, target and ambition are presented as percentage figures, which represent the volume of methane emissions for the upstream gas and oil sector as a percentage of the volume of the total gas marketed for the same upstream sector.
Ovintiv is an independent energy producer, which explores, and churns out oil and natural gas from diverse assets located in the United States and Canada. The upstream company owns a multi-basin portfolio that covers the Montney Shale in Canada as well as the Anadarko and Permian basins located in Western Texas and Southeastern New Mexico.
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