MiQ Certifies bp's South Haynesville Natural Gas with A Grade

News provided by

Dec 08, 2021, 11:14 ET

LONDON, Dec. 8, 2021 /PRNewswire/ -- MiQ has awarded an A grade to bp's U.S. onshore business, bpx energy, for the methane emissions performance of South Haynesville basin wells in Texas.

With this certification, bp becomes the latest major international energy producer to differentiate its natural gas through MiQ.

MiQ aims to bring transparency to an opaque market, drive demand for certified natural gas, and help operators differentiate themselves through methane-emissions performance. Its ground-breaking, independently audited certification system gives operators, buyers – and eventually regulators – an opportunity to support methane reduction globally.

MiQ will issue one certificate for each MMBtu of certified natural gas from the 70 wells that make up bpx's South Haynesville Facility. These certificates will be ready for delivery to buyers and traders of certified natural gas through bp's account at the MiQ Digital Registry, with first issuance expected in early December 2021.

bpx's South Haynesville Facility produces about 0.2 bcf of natural gas per day. These well sites have been certified using the MiQ Standard, which grades a facility's production from "A" to "F" based on its methane emissions. An A grade represents very low methane intensity (<0.05%) while F represents up to 2%.

bpx is assessing further certification opportunities across its US onshore operated portfolio in the Haynesville, Eagle Ford, and Permian basins.

As with all MiQ certification, a third-party auditor independently awarded an A grade to the bpx Facility. GHD, one of eight auditors accredited by MiQ, provided verification for the Facility. More details about the certification process are available here.

bpx provides its certification data through a combination of advanced methane-monitoring technologies. These include Optical Gas Imaging (OGI) cameras mounted to drones and fixed-wing aircraft, and ground-based cameras. bpx also used data from field-measurement devices to quantify methane emissions from targeted sources.

Georges Tijbosch, Senior Advisor at MiQ, said:

"COP26 and the Global Methane Pledge have clearly demonstrated that the world expects and needs reduced methane emissions from the oil and gas sector, and MiQ is committed to providing the transparency required to achieve this.

"We are delighted that bp has chosen MiQ to help drive this critical effort, and we look forward to working closely with them to improve their methane intensity and achieve their environmental goals."

Dr. Faye Gerard, bpx energy's Vice President of Low Carbon and Sustainability, said:

"Tackling methane emissions is vital for natural gas to play its fullest role in the energy transition. We're in action to reduce these emissions from our operations.

"MiQ's certification helps validate the steps we're taking and makes us even more confident we're providing the energy the world needs with fewer emissions."

MiQ currently certifies about 10 bcf per day of natural gas, or approximately 2.5% of the global gas market and 11% of US gas production.

Notes to Editors

MiQ is a not-for–profit foundation established by RMI (formerly the Rocky Mountain Institute), and global sustainability consultancy and investment firm SYSTEMIQ. MiQ is pioneering a market-based approach to rapidly reduce methane emissions across the global natural gas sector.

MiQ is the only standard on the market which is:

independent
third-party audited
technology neutral
open source
free from conflicts of interest

The oil and gas industry alone emits over 84 million tons of methane each year. This equates to the emissions from the world's on-road transport fleet or more than the entire industrial sector's CO2 emissions. According to the IEA, 75% of methane emissions from oil and gas production can be technically abated today. As such, preventable methane emissions from the oil and gas sector present a significant opportunity to reduce emissions in the next five to 10 years.

MiQ Certification will, for the first time, credibly differentiate gas based on its methane emissions performance to provide a market mechanism that incentivises methane reduction. MiQ's vision is to create a market where certified natural gas can be traded like other historical commodities ultimately creating incentives to drive down methane emissions across the board.

MiQ has also announced partnerships to certify natural gas with Chesapeake, Bloom Energy, EQT and ExxonMobil.

Hannah Butler, [email protected], +44 7570 597071

SOURCE MiQ