Diamondback Energy announced that it has joined the Oil and Gas Methane Partnership 2.0 (OGMP 2.0), the United Nations Environment Program’s (UNEP) flagship oil and gas reporting and mitigation program.
OGMP 2.0 is a comprehensive, measurement-based reporting framework for the oil and gas industry that is designed to improve the accuracy and transparency of methane emissions reporting in the oil and gas sector. Already 100 companies with assets on five continents, representing over 35% of the world’s oil and gas production, have joined the partnership. OGMP 2.0 members also include operators of natural gas transmission and distribution pipelines, gas storage capacity and liquefied natural gas terminals.
“We are delighted that Diamondback Energy is taking action to reduce methane emissions by joining OGMP 2.0,” said Giulia Ferrini, OGMP 2.0 project manager at UNEP. “Oil and gas companies must be part of the methane solution if we are to keep global warming to 1.5°C.”
In 2022, Diamondback committed to implement continuous emission monitoring systems on facilities to cover at least 90% of the company’s operated oil production by the end of this year. Diamondback also has a target to reduce methane intensity by at least 70% from 2019 levels by 2024.
“Diamondback is proud to join OGMP 2.0 and apply its emission reporting framework to our asset base in the Permian Basin,” said Travis Stice, chairman and chief executive officer of Diamondback. “As we work towards achieving our emission reduction targets, it’s paramount that we can rely on a framework that improves the accuracy and transparency of methane emissions reporting.”