PureWest Energy and Proman Sign Agreement to Reduce Scope 3 Methanol Footprint Through Digital Tokens

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Mar 28, 2023, 09:13 ET

DENVER and WOLLERAU, Switzerland, March 28, 2023 /PRNewswire/ -- PureWest Energy, LLC ("PureWest"), an independent natural gas producer in Wyoming's Green River Basin, and Proman, a global leader in methanol production, today announced their closure on a blockchain-verified digital token-only transaction that significantly reduces Proman's Scope 3 methanol footprint.

Made possible through their partnership with Project Canary and EarnDLT ("Earn"), PureWest's low-methane emissions data is minted into transactable Certified Environmental Tokens™ (CETs) to help Proman deliver certified low-carbon methanol to their global customers.

"Innovative solutions are critical to meeting climate targets in the coming years," said PureWest Chief Executive Officer Chris Valdez. "PureWest is developing environmental products that help our customers meet their emissions reductions goals. Our CETs allow end-users to benefit from our certified, industry-leading approach to natural gas production. As we continue to innovate, we remain steadfast in our commitment to responsible operations and focused on providing the market's cleanest natural gas."

CETs are created through Earn's system and collect and aggregate environmental attribute data from PureWest's wells to create purchasable credits stored on the blockchain for third-party users to achieve their emission reduction goals. In most cases, these tokens specify a reduction in Scope 3 emissions, which include those that occur outside the company's direct operational capacity and as a result of produced products' value chain activities. PureWest and Proman's digital token transaction, enabled through the Earn platform, is a unique solution to reducing carbon and methane emissions in Proman's methanol operations.

"Proman remains dedicated to providing the most efficient and sustainable products to our consumers across the entire value chain and continually innovating to develop methanol's low-carbon pathway," said Jarrod Hodson, President of Proman in the USA. "The road to decarbonization requires innovative, collaborative solutions, and this partnership with PureWest drives forward the potential of certified low-carbon methanol in powering the energy transition."

PureWest and Proman chose to decouple the environmental attributes from the physical molecules of natural gas and transacted on the Earn, enterprise grade, blockchain-based emissions accounting system. To enable this delineation, third-party climate attribute data from Project Canary provided granular accuracy of site-level emissions performance on a well-by-well basis, which was then tied to gas production volumes and tokenized.

About PureWest

PureWest Energy, LLC is a private energy company focused on developing its long-life gas reserves in Wyoming's Green River Basin where the Company controls more than 111,000 net acres in and around the prolific Pinedale and Jonah Fields. PureWest is focused on achieving ever-higher ESG performance as part of its commitment to stakeholders and has an industry leading methane intensity rate of 0.05%, more than two years with zero motor vehicle incidents, and PureWest's employee led community investment program. Additional information is available at PureWest.com.

About Proman

Proman is an integrated energy company and the world's second largest methanol producer. Headquartered in Switzerland, with assets in the United States, Trinidad and Oman, and ongoing expansion into the UAE, Mexico and Canada, Proman is a global leader in methanol, fertilizer and other products such as melamine. We have extensive experience in project management, petrochemical plant construction and operations, marketing and logistics, and shipping.

Proman's U.S. operations are headquartered in Houston, Texas. The Houston-based team is responsible for the management and operations of Proman-owned facilities in the United States, including a methanol production facility in Pampa, Texas, and the company's investment in Natgasoline, a joint venture world-scale methanol facility in Beaumont, Texas. Alongside methanol production, Proman's USA team also manages Proman's North American natural gas operations, including a full natural gas mid-stream supply and marketing operation to serve all current and future North American plant facilities, and upstream reserves in the Piceance Basin, located near Parachute, Colorado.

Proman is committed to developing lower-carbon and sustainable methanol and ammonia as cleaner alternatives to fossil fuels, offering a pathway to drastically cutting emissions in a range of sectors including transport and heavy industry. For more information: Proman.org.

Media Contact

Kelly Bott, SVP – ESG, Land & Regulatory
[email protected], 303.645.9809

SOURCE PureWest