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SUMMARY

i3 Energy's methane reduction strategy is paying off, though full GHG data from its Cenovus acquisition still to come.

By Callum Cyrus

i3 Energy, an independent E&P company active in the UK and Canada, managed to reduce methane emissions last year to roughly a third of its output in 2021, equating to 28,101 tons of COequivalent, the company said in its ESG report June 7.

The methane reduction programme has focused on upgrades to pneumatic controllers and pumps. This has involved introducing solar-powered electric equivalents, as well as controllers that leak less methane and air. i3 has committed itself to carbon neutral Scope 1 and Scope 2 emissions by 2050, a target which could be brought forward once it has carried out additional "pathways" analyses.

i3 Energy also started a fuel efficiency drive last year, starting with the electrification of its operating sites. It is evaluating projects to identify environmentally harmful compressor engines, and expects to install new effluent tubes to carry more liquid waste and reduce the need for gas flaring. 

The business expanded in August 2021 following i3 Energy's acquisition of assets in Canada from oil sands producer Cenovus. The emissions data incorporating Cenovus' contribution for the remainder of 2021 will be published later this year, and i3 Energy will then begin developing emissions intensity reduction targets.

With a view to making further reductions, i3 Energy is looking at various decarbonisation strategies and nature-based solutions. Its Canadian operations span four onshore regions, including acreage in the Clearwater light oil play, which produces around 70,000 barrels/day in total. In the UK, i3 Energy participates in the Serenity and Liberator/Minos High oil fields.

Majid Shafiq, chief executive of i3 Energy, said: "Having acquired a large and diverse asset base of operated well, pipeline and processing facilities in a series of transactions from a number of different operators over the course of 2020 and 2021, a considerable effort was required to acquire and consolidate emissions data for our portfolio. 

"We have now established baselines for the assets acquired from Toscana Energy and Gain Energy (and will do so late this year for the assets acquired from Cenovus) from which we can measure and drive efficiency and emissions reductions initiatives on a go-forward basis. i3 is well positioned to play a part in supplying the world's growing energy needs as we transition to a low carbon economy, given our gas-weighted portfolio and the jurisdictions in which we operate."