Seneca Resources to Seek Responsibly Sourced Gas Certification from Project Canary
National Fuel Gas Company (NFG) announced a partnership with Project Canary to certify approximately 300 million cubic feet per day of its Appalachian natural gas production as responsibly sourced gas (RSG). This initiative includes installing continuous monitoring devices to collect real-time emissions data at three well pad locations, part of a certification process analyzing over 600 operational and environmental data points. The move aligns with the company's commitment to sustainability and strong environmental performance in a market increasingly focused on ESG practices.
- Partnership with Project Canary to certify 300 million cubic feet per day of gas.
- Installation of monitoring devices to ensure real-time environmental compliance.
- Focus on ESG commitments enhances investor confidence.
- Potential risks associated with meeting certification standards.
- Market pressures may impact reliance on natural gas.
WILLIAMSVILLE, N.Y., Sept. 02, 2021 (GLOBE NEWSWIRE) -- Today, Seneca Resources Company, LLC (Seneca), the Exploration and Production segment of National Fuel Gas Company (NYSE: NFG) (National Fuel or the Company), announced that it has executed an agreement with Project Canary to seek an independent responsibly sourced gas (RSG) certification for approximately 300 million cubic feet per day of the Company’s Appalachian production. In connection with this certification process, which will cover nearly one-third of the Company’s natural gas production, Seneca also intends to install continuous monitoring devices at three well pad locations, which will provide real-time, site-level emissions data.
Project Canary’s proprietary TrustWell™ operational certification process is a recognized, comprehensive market leader for operators seeking RSG certification, with a focus on air, land, water, and community impacts. Overall, this certification process is expected to analyze more than 600 unique operational and environmental, social, and governance (ESG)-related data points on a per-well basis.
“Sustainability, continuous innovation, and best-in-class environmental performance are embedded in our guiding principles and culture,” said David Bauer, President and Chief Executive Officer of National Fuel. “Seneca’s commitment with Project Canary seeks to independently verify our existing operational practices and further strengthen the Company’s ESG commitments. We are excited to work towards independent validation of our leading operational and environmental practices, many of which are standard across our Appalachia assets.”
“Responsibly sourced gas certification is readily becoming a key piece of the independent analysis reviewed by investors, regulators, and customers to confirm top environmental performance,” added Chris Romer, co-founder and CEO of Project Canary. “Seneca Resources is an early mover in working to gain certification for its operations and production, underscoring its commitment to strong environmental performance.”
About National Fuel Gas Company
National Fuel Gas Company is a diversified energy company headquartered in Western New York that operates an integrated collection of natural gas and oil assets across four business segments: Exploration and Production, Pipeline and Storage, Gathering, and Utility. Seneca Resources Company, LLC is the exploration and production segment of National Fuel Gas Company.
About Project Canary
Project Canary, based in Denver, Colo., is a mission-driven B-Corporation accountable to a double bottom line of profit and the social good. Project Canary's goal is to mitigate climate change by helping the oil and gas industry operate on a cleaner, more efficient, more sustainable basis. Its proven solutions provide real-time emissions monitoring and rigorous independent certification of oil and gas well sites for responsible operations, helping energy companies collect, manage, operationalize and benefit from real-time environmental data. To learn more, visit projectcanary.com.
Cautionary Statements
Certain statements contained herein, including statements identified by the use of the words “anticipates,” “expects,” “intends,” “plans,” “predicts,” “projects,” “believes,” “will,” “may,” and similar expressions, and statements other than statements of historical facts, are “forward-looking statements” as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve risks and uncertainties, which could cause actual results or outcomes to differ materially from those expressed in the forward-looking statements. While National Fuel’s expectations, beliefs, and projections are expressed in good faith and are believed to have a reasonable basis, actual results may differ materially from those projected in forward-looking statements. In addition to other factors, the following are important factors that could cause actual results to differ materially from those discussed in the forward-looking statements: (1) National Fuel’s ability to estimate accurately the time and resources necessary to meet certification standards; (2) governmental/regulatory actions and/or market pressures to reduce or eliminate reliance on natural gas; and (3) the other risks and uncertainties described in (i) National Fuel’s most recent Annual Report on Form 10-K at Item 7, MD&A, and Quarterly Reports on Form 10-Q at Item 2, MD&A, under the heading “Safe Harbor for Forward-Looking Statements,” and (ii) the “Risk Factors” included in National Fuel’s most recent Annual Report on Form 10-K at Item 1A, as updated by National Fuel’s Forms 10-Q for subsequent quarters at Item 1A. National Fuel disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date hereof. Because of these risks and uncertainties, readers should not place undue reliance on these forward-looking statements or use them for anything other than their intended purpose.
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