Diversified Energy secures gold certification from Project Canary
SUMMARY
Certified assets were acquired from Tanos Energy in 2021.
By Dale LunanPOSTED IN:
Diversifed Energy said April 4 its acquired Tanos Energy assets received a gold rating from Project Canary on its East Texas producing assets and a low methane verified attribute, indicating a methane intensity below 0.2%.
Diversified acquired Tanos Energy’s assets in Texas and Louisiana in 2021, paying $308mn for 390 wells producing about 14mn barrels of oil equivalent (boe)/day, 96% of which is natural gas.
Most of the certified wells, which produce about 75% natural gas, 19% liquids and 5% oil, are also monitored continuously by methane monitors installed by Project Canary, with additional monitoring support from Canadian monitoring technology provider Qube.
The low methane intensity verification and gold rating enables Diversified to access responsibly sourced gas (RSG) markets, many of which offer premium pricing for certified natural gas, or tokenize their gas molecules for a registry.
“We built our business on the premise of being responsible stewards of existing natural gas and oil assets, so we value the Project Canary recognition,” Diversified Energy CEO Rusty Hutson said. “The gold designation complements our already strong ESG actions, including the OGMP 2.0 Gold Standard, further highlighting our commitment to transparency and validating the important work we’re doing to responsibly produce natural gas.”
