PennEnergy Resources, LLC, a privately-held natural gas exploration and production company, announced today that it has achieved "Grade A" certification through MiQ's Methane Emissions Performance Standard across its entire operating asset.
MiQ is the not-for-profit global leader in methane emissions certification; certification under their standard is conducted by accredited, third-party auditors, and assessed against the MiQ Standard to assign an A to F grade for methane emissions performance. The robust MiQ Standard was developed in a partnership between the Rocky Mountain Institute (RMI) and SYSTEMIQ, Ltd to reduce methane emissions in the oil and gas industry by differentiating producers that excel in methane mitigation, advanced technology deployment, and environmental stewardship.
PennEnergy achieved top marks in all three MiQ scoring categories: methane intensity (the percentage of methane emitted to atmosphere vs. methane produced as a product), monitoring technology deployment and company practices, earning them the highest rating available. With regard to emissions, PennEnergy had to demonstrate to third party auditors that its methane intensity is below 0.05% to achieve an A grade.
"PennEnergy is committed to continuous improvements in facility design, operation and maintenance, as well as upgrading legacy assets, which allows for emissions mitigation and reduction across our field," said Greg Muse, PennEnergy Resources President and COO. "This is complemented by internal operator training programs specifically aimed at environmental compliance and emissions minimization; the culminating result of these efforts is an operation which not only drives its methane emissions intensity down year over year but is at the point where it obtains the highest level MiQ grade (0.05%) and is also significantly lower than the taxable emissions limit established by the IRS in the Inflation Reduction Act (0.20%)."
With a comparably exemplary methane intensity, PennEnergy can further distinguish 100% of its natural gas production to buyers with monthly certificates issued on the MiQ digital registry; it should be further noted that as of recent, all certificates on the MiQ registry will be available on the prominent Xpansiv CBL exchange platform (a transparent, centralized global marketplace).
MiQ CEO Georges Tijbosch said, "PennEnergy's A grade certification for its entire operating asset demonstrates the company's commitment to reducing methane emissions from its natural gas production. MiQ's standard for assessing methane emission's performance from the production of natural gas acknowledges the measures PennEnergy took to account for and eliminate methane emissions from its current assets."