The private-sector oil and gas exploration business has reduced carbon intensity in its operations to the lowest levels in the Middle East and North Africa region, it said on Thursday.
Crescent’s carbon intensity has dropped to 6kg of carbon dioxide equivalent per barrel of oil equivalent, which is one-third of the global industry average.
It has also offset the remaining emissions to maintain the company’s carbon neutrality for a third year.
The company has significantly cut total flares and leakages of methane from 2021 levels and has also reduced hazardous waste by 90 per cent, it said in a statement.
“Our commitment to carbon neutrality and zero methane emissions builds on continuous improvements in our sustainability efforts in the UAE’s Year of Sustainability,” said Crescent Petroleum chief executive Majid Jafar.
Crescent Petroleum has also become a signatory to the Aiming for Zero Methane Emissions project of the Oil and Gas Climate Initiative, which aims to eliminate the hydrocarbons industry’s methane footprint by the end of this decade.
Methane emissions are responsible for 30 per cent of greenhouse gas emissions but methane has more than 25 times the impact on climate change than carbon dioxide.
Cuts in methane emissions can have a larger impact on reducing the emissions that cause global warming and are a top priority for the oil and gas sector.
Crescent Petroleum began a “fugitive emissions campaign” in 2021 across its operations to identify and fix leaks. The programme has helped to cut methane emissions by 42 per cent, keeping the company on course to achieve its zero methane emissions target, it said.
The company said it has also cut flaring by more than 80 per cent since 2020 and is on track to achieve zero-flaring goals.