GHG Emissions, Industrial - May 3, 2021
Vista Oil and Gas Commits to Analyzing and Reducing Emissions
Argentina-based Vista Oil and Gas has announced the publication of its first Sustainability Report, which includes the company’s commitment to analyzing and reducing carbon emissions.
"Climate change has definitely become the salient ESG topic across all industries,” notes Mr. Miguel Galuccio, Chairman of the Board and CEO of Vista Oil and Gas, in a letter to stakeholders. “As an oil & gas company, we endeavor to take a leading role in the energy transition, aiming to become a reliable low cost and low carbon energy company. In 2020, we accomplished a key milestone by determining our reference baseline for greenhouse gas (GHG) emissions. Based on this data, we will set corporate reduction goals and design an action plan to reduce greenhouse emissions in our operations.”
Vista’s report includes its current progress towards determining emissions goals. In 2020 the company completed its inventory of Scope 1 and 2 emissions, chose 2019 as a baseline, and confirmed its support of the Ten Principles of the United Nations Global Compact, including environmental principles.
Going forward, Vista has committed to defining its carbon reduction plan in 2021 and will implement (among other initiatives):
- Decreased flaring to the minimum amount possible
- Vapor Recovery Units to capture vented gases from storage tanks and glycol dehydrators
- Replacement of blanketing gas with air instrumentation
- Mapping methane emissions detections
- Upgraded equipment that will help prevent hydrocarbon spills
"We consider sustainability to be vital to our business strategy,” says Mr. Galuccio. “I am confident that we have the people, processes and commitment in place to help solve the complex energy and environmental challenges of today and tomorrow.”
For more information, see Vista Oil and Gas’s 2020 Sustainability Report.