ExxonMobil, the world’s largest publicly traded oil and gas operator, has drawn up a proposed framework for the regulation of methane emissions. In a press release dated March 3, it said the model was based on its own voluntary program, which has succeeded in reducing the amount of methane emitted during unconventional hydrocarbon development by 20% since 2016.
The company said its framework could serve as a template for state and federal governments, policymakers, industry associations, and non-governmental organizations (NGOS) seeking to curb the release of methane. It described its model is more comprehensive than existing U.S. federal rules and said it was designed to reduce emissions in all phases of crude oil and natural gas production.
Darren Woods, the chairman and CEO of ExxonMobil, commented: “We offer this blueprint to companies across our industry as they consider how to make improvements to reduce the sector’s methane emissions. Our industry has developed high-tech advances to curb emissions, and we also hope this framework will be helpful for governments as they develop new regulations.”