Mexican Oil Company Sets Goal to Cut Oil and Gas Emissions by Nearly Half by 2027

Mexican Oil Company Sets Goal to Cut Oil and Gas Emissions by Nearly Half by 2027

Mexican state-owned oil company Pemex said it increased its carbon dioxide reduction targets through 2027, in an effort to meet the government’s oil and gas emissions goals through the end of the decade.

Greenhouse gas emissions from the oil and energy sector must decrease 14 percent by 2030 in order to fulfill Mexico’s aspirations, the company said in a presentation posted Thursday.

Improving its environmental track record is among the many challenges facing Pemex, the world’s most indebted oil company. Although President Andres Manuel Lopez Obrador has increased the financial support for the company, its output has plummeted by nearly half over the past two decades while its refineries are struggling to recover from a spate of fires last year.

Pemex’s goals include reducing its greenhouse intensity index in oil and gas production 48 percent by 2027, as well as in refining processes 36 percent by 2027. The company also aims to curb emissions from natural gas processing 58 percent by 2027.

The company identified key initiatives regarding the detection, quantification and abatement of methane leaks, an area where it has been under pressure following reports that malfunctioning flares released the amount equivalent to about 3 percent of annual emissions from Mexico’s entire oil and gas sector.

Pemex’s plans include capturing methane during repairs and maintenance of its gas lines, monitoring for leaks and replacing equipment in condensate storage tanks, it said in the presentation.

Published by: Bloomberg

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