Parex is committed to protecting the environment wherever we operate and takes all necessary steps to ensure compliance with environmental legislation. Monitoring and reporting programs for the environment, as well as inspections and assessments, are designed to provide assurance that environmental and regulatory standards are met.
We are focused on becoming one of the least carbon intensive E&P companies. To do this, we aim to reduce our Scope 1 & 2 GHG emissions intensity per boe from operated assets and have set clear targets:
Eliminate routine flaring by the end of 2025, supporting the World Bank’s Zero Routine Flaring by 2030 initiative.
Reduce Scope 1 & 2 greenhouse gas (GHG) emissions intensity by 50% from our operated assets by 2030 from a 2019 baseline.*
As an aspirational goal, achieve net-zero Scope 1 & 2 GHG emissions by 2050.*
*Emissions reduction targets have been set relative to the combined 2019 emissions profiles for Parex.
We understand that energy conservation not only strengthens economic performance, but also reduces one of the factors contributing to climate change. We track the energy loads from operated fields on a daily basis, and apply innovative approaches to optimize the use of diesel, crude oil and gas in our operations processes.
Our emission reduction strategy in the short to mid-term is focused on reducing flaring volumes, renewables and electrification, and delivering operational efficiencies. Explore one of our most recent emissions reduction initiatives, the installation of a geothermal power unit at the Las Maracas Field in this video.
In 2022, we launched our first solar installation at the Cabrestero field to help fuel the facility using solar energy. With 7,200 solar panels installed, the project will replace approximately 10% of the field’s energy requirements and contribute to our commitment to lower our carbon footprint.