Crescent Petroleum reinforces sustainability efforts to achieve carbon neutrality
Iraq to English/
Crescent Petroleum, the oldest private oil and gas company in the Middle East, has become one of the first companies in the industry to achieve carbon neutrality across its operations after completing a series of projects to reduce carbon intensity and offset remaining emissions. The milestone is the culmination of years of effort to improve total process efficiencies and become one of the least carbon-intensive companies in the energy sector.
“For 50 years, Crescent Petroleum has leveraged its understanding of the Middle East to promote cleaner energy and sustainable development, and this milestone highlights the success of our years of focused efforts,” said Majid Jafar, CEO of Crescent Petroleum. “The role of natural gas in replacing coal and liquid fuels in the developing world is a critical part of the energy transition and a necessary enabler for renewable adoption as well as a future hydrogen economy.”
Natural gas now 85% of Crescent Petroleum’s total production, enabling affordable electricity for millions while avoiding 42 million tonnes of CO2 emissions over the past decade by replacing diesel with gas for electricity generation.
Mr. Jafar announced the company’s net-zero milestone at an online event on Monday hosted by the Atlantic Council entitled “Leading Oil and Gas Into a Net Zero World.” He was joined by H.E. Mohammad Barkindo, the Secretary-General of OPEC, and Helima Croft, Managing Director and Global Head of Commodity Strategy at RBC Capital Markets, to discuss the important role of the oil and gas industry in the Net Zero energy transition.