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Apache Puts Kibosh on Routine Flaring in U.S. Onshore Ahead of Schedule
Houston-based Apache Corp., one of the biggest natural gas producers in the Permian Basin, has ended routine flaring across its Lower 48 operations three months ahead of schedule.
Energy Transition Gaining Traction in Oil & Gas Patch
- The Asian buyers are increasingly seeking clean energy source including low carbon LNG
- The players that can provide premium low carbon products have a definite competitive advantage
- Earlier, Permian had taken a flack for unchecked rise in methane leakages and high carbon footprint
- Reducing emissions by eliminating flaring, closing Co2 vents and detecting and eliminating methane leaks is a low hanging fruit.
- The Project Canary has snapped several upstream E&P companies to benefit from reduced emissions using their technology
BOTTOMLINE
Natural gas provides redundancy to intermittency in renewables. The companies are increasing their weightage of gas in their portfolios. Apache's portfolio is 40% gas-weighted, 32% oil and 28% liquids. Apache fetched $4.00/MMBtu-plus for its Permian gas during 2Q2021. Responsible production of natural gas is a key step towards natural gas value proposition as transition fuel. Eliminating flaring is the first step.
Apache Puts Kibosh on Routine Flaring in U.S. Onshore Ahead of Schedule
Houston-based Apache Corp., one of the biggest natural gas producers in the Permian Basin, has ended routine flaring across its Lower 48 operations three
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