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March 3 (Reuters) - Exxon Mobil on Tuesday called for
tighter regulation of the greenhouse gas methane and offered up
its own in-house rules as a model for companies and lawmakers
worldwide.
The largest U.S. oil company laid out the guidelines it
follows - some of which have been rolled back by the Trump
administration - at a time when the industry faces growing
pressure from investors to reduce its environmental footprint.
The world’s top oil and gas companies are under heavy
pressure from investors and climate activists to meet the 2015
Paris climate goal of limiting global warming to below 2 degrees
Celsius from pre-industrial levels.
Exxon and U.S. rival Chevron Corp have been far less
ambitious with their greenhouse gas reduction targets than their
European rivals.
BP Plc in February set one of the oil sector’s most
ambitious targets for curbing carbon emissions, including
getting emissions from its operations and barrels produced to
net zero.
Exxon will hold its annual investor meeting on Thursday and
is expected to detail its climate goals.
Exxon started its methane reduction program in 2017 in its
shale fields and has been able to reduce emissions by 20%. It
has since started rolling out the methane guidelines to the rest
of the company, which "demonstrate what’s practicable and
achievable,” said Chief Executive Darren Woods.
The program includes leak detection and repair, having
companies report their total methane emissions and minimizing
venting, the release of unburned methane, which is far more
environmentally harmful than flaring it.
Exxon's announcement came early Tuesday during the annual
investor day presentation for its chief U.S. rival, Chevron
Corp, which has tied compensation to the reduction of methane
emissions.
Last year, the rivals rolled out ambitious production plans
for the Permian Basin on the same day, setting up a showdown in
the top U.S. shale field.
(Reporting by Jennifer Hiller; Editing by Bernadette Baum)
