Ensuring that we minimize our environmental impacts in the communities where we operate is foundational to how we work. By investing in new technology, engaging community stakeholders, and creating robust business plans, we are committed to continuously improving our environmental performance and ensuring responsible resource development.
We aspire to become one of the least carbon intensive E&P companies and to use water responsibly. To do this, we work to reduce emissions intensity in our own operations and minimize our operational water footprint, and have set clear targets links to our environmental areas of focus:
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.