Pennsylvania-based shale-gas producer Range Resources announced today a new goal to achieve net-zero greenhouse gas (GHG) emissions by 2025. The company noted that the decision comes “in the face of an evolving energy landscape” and that it has committed to bolstering the transparency of its emissions data in sustainability reports.
“With significant board guidance and oversight, we have reaffirmed ambitious near-term and long-term emissions reduction goals, which will ensure we are focused on maximizing every opportunity to further reduce our environmental and operating footprint,” said Jeffrey Ventura, the chief executive officer, in a statement.
Range’s target is among the most aggressive to be established among pure-play onshore explorers in the US and is the latest evidence that the carbon-reduction plans adopted by international majors are trickling down throughout the oil and gas industry.
The company highlighted that it already has made serious efforts in this regard and ranks as one of the lowest contributors to CO2 emissions in the sector, according to data from oil and gas consultancy Rystad Energy. Since 2017, Range said it has reduced its GHG emissions by 47%.
Range plans to reach its new goal by reducing overall operational emissions by 15% by 2025 as compared to last year’s figures. The rest of the net-zero goal will involve offsetting emissions through reforestation and forest-management initiatives. Range said it is also considering a number of emerging technologies to further its offsetting capabilities.
In its latest sustainability report published in conjunction with the announcement, Range added that it continues to invest in water-management projects and has recycled almost 150% of its produced water through a water-sharing program. The operator relies on recycled water for about 42% of its total needs, including a 99% re-use rate on flowback and produced water.
Earlier this month, Range said it completed the sale of its Louisiana assets for $245 million. Upon its exit, Range will focus on its legacy position in Pennsylvania’s Marcellus Shale where it holds more than 800,000 acres.