March 11, 2023
If you can’t measure it, you can’t improve it – Peter Drucker.
This famous quote reiterates the need for clearly established metrics for success. Companies need to quantify progress and adjust their processes to produce the desired outcome. Without clear objectives, they will be stuck in an endless loop of guess work.
E&P companies typically rely on key metrics and key performance indicators (KPIs) like lease operating expenses (LOE), reserve replacement ratio (RRR), cost per BOE, return on assets, etc. to dictate and drive growth.
The need of the hour is to apply the same rigor and competence in tracking and measuring emissions. The oil and gas industry aims to reduce its emissions by at least 3.4 gigatons of carbon dioxide equivalent (GtCO2e) a year by 20501 to fulfil its role in mitigating climate change.
Unfortunately, identifying and quantifying emissions may not be a straightforward process for an E&P company.
For instance, in most E&P companies, emissions tracking is primarily done by Health, Safety and Environment (HSE) or sustainability teams in spreadsheets. This means engineering teams typically have little visibility or understanding of how their design decisions impact emissions and other sustainability metrics. Another challenge lies in dealing with the dynamic nature of emissions modeling at this early stage of maturity – methodologies change based on revisions to sustainability frameworks and government regulations. For global companies, differing jurisdictions can have their own emissions factors and expectations for emissions modeling.
The Envana™ digital emissions management solution is our answer to help tackle these challenges efficiently and effectively. With its centralized dashboard, the software seeks to empower E&P teams to achieve emission abatement and sustainability goals by tracking, measuring and analyzing the emissions impact of engineering and business decisions. With its powerful API, Envana™ enables field and well design teams to understand the emissions impact of their design decisions.
How does the Envana™ software work to ensure emission estimation accuracy and consistency while monitoring the complex and dynamic E&P landscape? Let’s find out.
Smarter & Accurate Assessments
Accurate and contextual data forms the cornerstone of an effective emissions management system. That's why Envana™ software emissions estimates are informed by Halliburton's experience across the E&P lifecycle and diverse assets. However, we understand the need for flexibility and personalization when it comes to emissions estimation – so Envana™ emissions library estimates can be further fine-tuned through custom inputs from your own well designs and production data. And finally, to minimize data duplication and inconsistencies, the solution maintains all your emission data in a single database.
Connected & Centralized Governance
A consistent understanding and visibility of emissions across the company is vital for ensuring that your teams are collaborating on the most up-to-date and relevant emission standards for their activity, in whatever region they might be working. The Envana™ software helps you deploy a centralized emission calculation that is governable by corporate sustainability teams, and tracks and logs changes to emissions modeling templates and forecasts. This translates to seamless tracing and auditing of all emissions calculations and ensures that your entire organization gets access to consistent and corporate standardized emissions data and models in their own software, thanks to the Envana™ API.
Collaborative & Integrated Approach
A robust emissions management system should help every team understand their contribution to the overall emissions portfolio of the company in a safe, secure environment. Hosted on the iEnergy® cloud, Envana™ software offers anytime, anywhere access to the latest emission insights, whilst safeguarding your data using industry-standard guidelines. In addition, the Envana™ solution features a fully documented API that connects to your existing subsurface, well construction or production and reservoir software. So, you start getting emissions data and insights from day one!
Experience the Future of Digital Emissions Management
The Envana™ digital emissions management solution addresses the unique challenges of complex E&P companies navigating sustainability tracking and emissions abatement. To discover a trusted system of record for ESG (Environmental, Social, and Governance) standards and a centralized, consistent and traceable repository for your company’s emissions sources, contact us today!
