Picture used for illustrative purpose only.

Inayat-ur-Rahman, Business Editor

Crescent Petroleum, the Middle East’s oldest private oil and gas company, headquartered in Sharjah in the UAE, has announced major new milestones in its sustainability efforts in the UAE Year of Sustainability and as the UAE prepares to host COP28 in Dubai later this month.

These include reinforcing its carbon neutrality and reducing its carbon intensity to the lowest in the MENA region, while also committing to eliminating all methane emissions from its operations by the end of this decade.

The company has further reduced its carbon intensity to 6.0 kgCO2e/boe, the lowest in the MENA region and one third of the global industry average, while offsetting the remaining emissions to maintain the company’s carbon neutrality for a third year since 2021.

Crescent Petroleum cut total flared and leakages of methane 31% compared to 2021, amounting to just 0.12% of total production, while cutting hazardous waste 90% and eliminating single use plastics from operations.

“Our commitment to the Zero Methane Emissions Initiative builds on our long-running efforts to reduce emissions, cut methane leaks, and achieve carbon neutrality across our operations. Sustainability has been a pillar of our business since our founding in 1971. As we evolved from an oil producer at the start to now over 80% natural gas, we have long believed that reducing emissions is not only our responsibility but also good for business,” said Jafar, who was named last month among Forbes Middle East’s “Middle East Sustainable 100.”

The OGCI “Aiming for Zero Methane Emissions Initiative” seeks to eliminate the oil and gas industry’s methane footprint by 2030. Methane emissions are responsible for 30% of greenhouse gas emissions but methane has more than 25 times the impact on climate change than carbon dioxide.

Cuts in methane emissions therefor can have a major impact on reducing the emissions that cause global warming and are a top priority for the oil & gas sector. Crescent Petroleum joins more than 60 organisations that have committed to the initiative, with the aim of eliminating virtually all methane emissions from the industry.