Business
Pledge to achieve 100% carbon-neutral operations
Pledge to achieve 100% carbon-neutral operations.
About this update from Zephyr Energy Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 0931B\n Zephyr Energy PLC\n 08 June 2021\n \n \n \n \n Prior to publication, the information contained within this announcement was deemed by the Company to constitute inside information as stipulated under the UK Market Abuse Regulation. With the publication of this announcement, this information is now considered to be in the public domain.\n \n \n \n \n \n 8 June 2021\n \n \n Zephyr Energy plc\n \n \n (the \"Company\", \"Zephyr\" or the \"Group\")\n \n \n \n \n \n Zephyr pledges to achieve 100% carbon-neutral operations by 30 September 2021;\n \n \n launch of carbon measurement and mitigation initiative with the Prax Group\n \n \n \n \n \n Zephyr Energy plc (AIM: ZPHR), the Rocky Mountain oil and gas company focused on responsible resource development, is pleased to announce that it intends to achieve carbon-neutrality across its operational footprint by 30 September 2021. This industry-leading pledge is a major first step towards near-term delivery of hydrocarbons produced with an operational \"net-zero\" carbon impact, and the Company's Board members are unanimously committed to this initiative.\n \n \n \n \n \n As an integral part of this undertaking, Zephyr has agreed to collaborate with the Prax Group, a British multinational independent oil refining, trading, storage, distribution and retail conglomerate dealing in crude oil, petroleum products and bio-fuels, headquartered in London, United Kingdom.\n The Prax Group, which has trading \n offices in London, Singapore and the United States of America (\"US\"), will work with Zephyr to measure, reduce and mitigate greenhouse gas (\"GHG\") emissions across Zephyr's businesses, with mitigation efforts primarily focused on the purchase of \n sustainability/decarbonisation offsets (called Verified Emission Reductions or \"VER\") \n from reputable pre-vetted developers of sustainable projects. This exercise will include Zephyr's current corporate activity, its non-operated production assets in the Williston Basin, North Dakota, US, and its upcoming appraisal drilling project in the Paradox Basin, Utah, US.\n \n \n \n \n \n The cost to purchase the appropriate number of VERs to offset Zephyr's growing operational footprint is expected to average well under $1 per barrel of oil equivalent produc...