CVX Signs MoU With Egypt on Methane Management

Rhea-AI Summary

Chevron has signed a memorandum of understanding (MoU) with the Egyptian Ministry of Petroleum and Mineral Resources to optimize practices aimed at reducing methane emissions. This collaboration builds on previous commitments made during COP27 and aligns with Egypt's goals under the Global Methane Pledge. Initiatives include study tours and workshops focused on methane control technologies. Chevron reports a 50% reduction in its upstream methane intensity since 2016 and emphasizes the importance of collaborative efforts to enhance skills for effective emissions management.

Positive

• Chevron has reduced its upstream methane intensity by 50% since 2016.
• The MoU with Egypt supports best practices in methane abatement and emissions reduction.
• Chevron's collaboration aligns with global commitments to tackle climate change.

Negative

• None.

CAIRO, EGYPT / ACCESSWIRE / February 21, 2023 / Chevron New Ventures PTE. LTD. ("Chevron") and the Egyptian Ministry of Petroleum and Mineral Resources (MOPMR) have signed a memorandum of understanding (MoU) to share best practices and expertise related to the reduction of methane emissions.

The MoU, witnessed by Clay Neff, president of Chevron International Exploration and Production and H.E. the Egyptian Minister of Petroleum and Mineral Resources, Tarek El Molla, builds on the Sharm El Sheikh Oil & Gas Methane Reduction Roadmap that was announced by El Molla during Decarbonization Day at COP 27 in November 2022. It is aligned with Egypt's membership in the oil and gas track of the Global Methane Pledge.

"Decarbonization is a core element of the Egyptian Ministry of Petroleum and Mineral Resources' strategy. Due to its significant global warming potential, reducing methane emissions is key to supporting positive climate action, "said H.E. Eng. Tarek El Molla.

"Therefore, we are prioritizing the reduction of methane emissions from Egypt's oil and gas sector, in line with Egypt's membership in the Global Methane Pledge. Building on the success of COP27 Decarbonization Day, we will collaborate with our strategic partners like Chevron to further drive emissions reduction and reduce the carbon footprint of our hydrocarbon resources," the Minister added.

The MoU includes methane and decarbonization study tours and workshops for MOPMR employees at Chevron facilities in the US and other locations, to build awareness of methane control technologies, measurement practices and projects to effectively reduce carbon emissions.

"Chevron believes that reducing the carbon intensity of our industry is an important step to address climate change and collaboration is imperative. Since last year we have been working with the Egyptian Ministry of Petroleum and Mineral Resources on an agreement related to developing and strengthening best practices on methane abatement, said Neff.

"Together we recognize the importance of programs which will support Ministry employees to expand the necessary skills and knowledge to advance a methane management and ultimately a carbon reduction strategy in Egypt's energy sector."

Chevron's ambition is to be a global leader in methane emissions performance, and the company is taking action to meet that aim. Chevron's upstream methane intensity has been reduced by 50% since 2016.

Chevron's history in Egypt dates to 1937 and today, it is present in all sectors of the value chain; upstream, midstream and downstream.

Contact: Sally Jones, +44 7827253868, joness@chevron.com

About Chevron

Chevron is one of the world's leading integrated energy companies. We believe affordable, reliable, and ever-cleaner energy is essential to achieving a more prosperous and sustainable world. Chevron produces crude oil and natural gas; manufactures transportation fuels, lubricants, petrochemicals and additives; and develops technologies that enhance our business and the industry. We are focused on lowering the carbon intensity in our operations and growing lower carbon businesses along with our traditional business lines. More information about Chevron is available at www.chevron.com.

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SOURCE: Chevron Corporation

View source version on accesswire.com:
https://www.accesswire.com/740138/CVX-Signs-MoU-With-Egypt-on-Methane-Management

FAQ

What is the recent MoU between Chevron and Egypt about?

The MoU focuses on sharing best practices for reducing methane emissions in Egypt's oil and gas sector.

When was the MoU between Chevron and the Egyptian Ministry signed?

The MoU was signed on February 21, 2023.

How much has Chevron reduced its methane intensity?

Chevron has reduced its upstream methane intensity by 50% since 2016.

What initiatives are included in the MoU signed by Chevron with Egypt?

The MoU includes study tours and workshops for MOPMR employees focused on methane control technologies.

How does the MoU align with global initiatives?

It aligns with Egypt's membership in the Global Methane Pledge and supports climate action commitments made during COP27.