Ovintiv Targets 33% Lower Methane Intensity
Denver-based producer Ovintiv (formerly Encana) said December 16 it would target a 33% reduction in its methane intensity by 2025 and would tie incentive compensation for all its employees to that metric starting in 2021.
The reduction goal will be benchmarked against Ovintiv’s actual methane intensity in 2019, which was measured at 0.15 metric tons of CH4/’000 barrels of oil equivalent (CH4/mboe). A 33% reduction, to 0.10 mt CH4/mboe, the company said, would result in “significantly” reduced greenhouse gas emissions.
"We are proud of our track record on environmental performance but know we need to do more,” Ovintiv CEO Doug Suttles said. “By setting this ambitious target and linking it to every employee’s compensation we are sending a clear signal.”