He said during a webinar organized by the Atlantic Council entitled “Leading Oil and Gas Towards a Zero Emissions World” organized by the Atlantic Council, “In the past years, Crescent Petroleum has shifted its focus to natural gas, which now constitutes 85 percent of its total production, and has reduced the percentage The gas flaring resulting from its operations is about 80%, and now it is only 0.12% of production, and the company intends to further reduce the flaring rate in the coming years.
He added that Crescent Petroleum has succeeded, thanks to these operational improvements, in achieving carbon neutrality by 6 kg of carbon dioxide equivalent per barrel of oil equivalent, which is less than a third of the global average for the sector.
Crescent Petroleum equalized the remaining emissions from its operations with a carbon credit in support of renewable wind energy projects in China and Mongolia, thus contributing to providing clean electrical supplies and alleviating the need for burning coal to generate power as is usually done, and the company also achieved carbon neutrality across all its operations thanks to these improvement measures. . The gas that the company has produced in the region over the past ten years has been credited with avoiding an estimated 42 million tons of carbon dioxide by replacing diesel with gas, as much as it can be avoided by removing one million cars from the streets.
The speakers indicated that with the world moving towards adopting technology that reduces emissions and carbon in order to reach net zero emissions, oil and natural gas resources will continue to contribute effectively to the energy transition. The same applies to oil, which powers the heavy transport sector and the petrochemical industries, despite the shift in light transport to the employment of electric vehicles. Clean energy production and carbon technology play a critical role in reducing emissions and meeting the needs of developing countries in Asia and Africa, where 800 million people still lack access to electricity and 3 billion do not have access to clean fuel for household purposes.