EQT and Project Canary Partner on Certified Responsibly Sourced Natural Gas Pilot
January 28, 2021 at 03:00 AM EST
SOURCE: Project CanaryDESCRIPTION:
PITTSBURGH & DENVER, January 28, 2021 /3BL Media/ -- EQT Corporation (NYSE: EQT) today announced its commitment to a pilot project to demonstrate the production of responsibly sourced natural gas (RSG) for use in domestic and international energy markets.
The intent of the pilot is to show that natural gas can be, and is, produced with high environmental and social standards, and that global energy market demand exists and is growing for these differentiated RSG products.
“This partnership aligns with our commitment to ESG leadership and to meeting the evolving needs and expectations of our stakeholders. Further, it confirms the emerging domestic and international markets for this differentiated commodity and the important role that United States LNG will play in the future energy mix," said Toby Z. Rice, President and CEO of EQT. “EQT is the largest producer of natural gas in one of the lowest emission intensity basins – we’re well positioned to further capitalize on our world-class asset base and operational excellence to pursue a high quality, responsible energy source to meet growing global energy demands.”
The pilot project reaffirms EQT’s long-standing commitment to environmental, social and governance (ESG) leadership and responsible energy development. Under the terms of the pilot, EQT will seek to produce RSG through third-party certification of two of its well pads, accompanied by continuous methane emissions monitoring of the pads. Project Canary, an International Environmental Standards company, will provide TrustWell certification of EQT’s selected pads and continuous, real-time methane emissions monitoring.
Chris Romer, CEO of Project Canary said, “Stakeholders and investors continue to expect and demand more transparency, more verifiable trusted data, and more overall ESG-related performance progress across the energy sector. This pilot project, which will utilize our differentiated technology to provide trusted and independent data, demonstrates continued responsiveness toward meeting and exceeding those growing stakeholder demands. We’re grateful to work alongside EQT, which is an industry leader, toward the shared goal of enhancing stakeholder confidence by helping to ensure natural gas is produced as responsibly as possible.”
Under the terms of the confidential pilot, a global energy company has agreed to purchase a portion of the RSG produced from the pilot. Project Canary’s “Canary X” devices will be installed on EQT’s two selected pads to measure methane concentrations at the site level every second and communicate the results to a cloud database every minute. The TrustWell certification scores more than 300 points related to production practices, including air, land, water, and waste management, as well as drilling and completion processes. For this pilot project, social impacts on the community will also be evaluated. This third-party validation from Project Canary will allow EQT to achieve the highest possible industry standards for RSG and add additional trusted data to ESG ratings.
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About the Pilot Participants
EQT Corporation is a leading independent natural gas production company with operations focused in the cores of the Marcellus and Utica Shales in the Appalachian Basin. We are dedicated to responsibly developing our world-class asset base and being the operator of choice for our stakeholders. By leveraging a culture that prioritizes operational efficiency, technology and sustainability, we seek to continuously improve the way we produce environmentally responsible, reliable and low-cost energy. We have a longstanding commitment to the safety of our employees, contractors, and communities, and to the reduction of our overall environmental footprint. Our values are evident in the way we operate and in how we interact each day – trust, teamwork, heart, and evolution are at the center of all we do. To learn more, visit eqt.com.
Project Canary, an International Environmental Standards company based in Denver, Colorado, is a mission-driven B-Corporation accountable to a double bottom line of profit and the social good. Project Canary believes it is possible to create a financially successful, self-sustaining business that “does well and does good.” Project Canary’s goal is to mitigate climate change by helping the oil and gas industry operate on a cleaner, more efficient, more sustainable basis. Its proven solutions provide real-time emissions monitoring and rigorous independent certification of oil and gas well sites for responsible operations. Project Canary / IES solutions help energy companies Collect, Manage, Operationalize and Benefit from real-time environmental data. Project Canary partners with the Colorado School of Mines Payne Institute to develop a collaborative environment for oil and gas companies and external parties to share best practices and insights garnered through continuous monitoring. To learn more, visit projectcanary.com.
KEYWORDS: EQT, Project Canary, Natural Gas Pilot, NYSE: EQT, natural gas, RSG