Vår Energi joins UN led initiative to improve accuracy and transparency of methane emissions reporting.
The company has signed an agreement with OGMP (Oil and Gas Methane Partnership), an initiative of the United Nations Environment Programme (UNEP) in which nearly 140 oil and gas companies work with organisations such as the European Union (EU) and the World Bank to improve accuracy and transparency of methane emissions reporting.
Vår Energi is already recognised for its ESG leadership, including being a “Top Ranked Company” by Sustainalytics and inclusion in the Oslo Stock Exchange (OBX) ESG index.
Through its membership in OGMP, Vår Energi joins with other major oil and gas companies in the work to detect and reduce emissions of methane in accordance with best practices.
EVP Safety & Sustainability in Vår Energi, Ellen Waldeland Hoddell explains:
'We are accelerating our decarbonisation plan to maintain relevance and investability long term. This includes targeting methane emissions in 2024 to be “near zero”. For the first quarter of 2024 the methane emission intensity for Vår Energi was 0.02% of exported gas from operated assets, which is far below the industry target of 0.2% by 2025.
Nevertheless, further reduction is a key part of the road map we use as a guide in the effort to cut greenhouse gas emissions. Vår Energi is already linked to the global initiative Oil and Gas Climate Initiative (OGCI), aiming for Zero Methane Emissions. Now we’re taking yet another important step, joining with the UNEP, EU and other major oil and gas companies in the work to achieve additional emission reductions.'
OGMP is a recognised global standard for methane measurement, reporting and setting objectives. Through its membership, Vår Energi secures guidance in both strategic and operative work to cut methane emissions.??
The membership in OGMP will also prepare Vår Energi for methane-related requirements that are expected to be introduced via the EU’s methane strategy.
Source: Vår Energi
