California Resources Corp. (CRC), the state’s largest producer, said it was ahead of schedule to meet a list of climate change targets by 2030 and reduce its carbon footprint.
Created four years ago, the Environmental, Social and Governance (ESG) initiatives concern water, renewable energies, methane emissions and carbon capture in oilfield operations.
Compared to a 2013 baseline, CRC reduced its methane emissions by more than 60%, exceeding its 50% target for 2030, it said in a filing with the Securities and Exchange Commission. It also continues to “evaluate other reduction projects”.
A carbon capture and storage The project related to its natural gas-fired power plant in Elk Hills is part of the efforts, which involve work with the Electric Power Research Institute. The aim is to design and enable the project by 2030; an engineering and frontal design study was carried out last year.
CRC is also ahead of its efforts to integrate renewable energy resources with a power purchase agreement for up to 40 MW of solar power to power several oil fields.
“We are currently focusing on developing funding for these projects,” said the file.
CRC plans to have 10 MW of renewable energy in its operations by 2030 as part of ESG initiatives. The goals align with government efforts, as CRC ties employee compensation and field life planning to its efforts.
CRC said it was also on track to meet its water sustainability goal of increasing the use of produced water by 30% in 2030. CRC said it was nearing midpoint. -path above the 2013 reference level for the use of recycled water.