Sharjah-based oil and gas company Crescent Petroleum has committed to eliminate methane emissions from its operations by the end of this decade as part of its carbon neutrality goals.
The private-sector oil and gas exploration business has reduced carbon intensity in its operations to the lowest levels in the Middle East and North Africa region, it said on Thursday.
Crescent’s carbon intensity has dropped to 6kg of carbon dioxide equivalent per barrel of oil equivalent, which is one-third of the global industry average.
It has also offset the remaining emissions to maintain the company’s carbon neutrality for a third year.
The company has significantly cut total flares and leakages of methane from 2021 levels and has also reduced hazardous waste by 90 per cent, it said in a statement.
“Our commitment to carbon neutrality and zero methane emissions builds on continuous improvements in our sustainability efforts in the UAE’s Year of Sustainability,” said Crescent Petroleum chief executive Majid Jafar.
Crescent Petroleum has also become a signatory to the Aiming for Zero Methane Emissions project of the Oil and Gas Climate Initiative, which aims to eliminate the hydrocarbons industry’s methane footprint by the end of this decade.
Methane emissions are responsible for 30 per cent of greenhouse gas emissions but methane has more than 25 times the impact on climate change than carbon dioxide.
Cuts in methane emissions can have a larger impact on reducing the emissions that cause global warming and are a top priority for the oil and gas sector.
Crescent Petroleum began a “fugitive emissions campaign” in 2021 across its operations to identify and fix leaks. The programme has helped to cut methane emissions by 42 per cent, keeping the company on course to achieve its zero methane emissions target, it said.
The company said it has also cut flaring by more than 80 per cent since 2020 and is on track to achieve zero-flaring goals.
Also on December 7 to 9, the third edition of the Gulf Car Festival (www.gulfcarfestival.com) will take over Dubai Festival City Mall, a new venue for the event. Last year's festival brought together about 900 cars worth more than Dh300 million from across the Emirates and wider Gulf region – and that first figure is set to swell by several hundred this time around, with between 1,000 and 1,200 cars expected. The first day is themed around American muscle; the second centres on supercars, exotics, European cars and classics; and the final day will major in JDM (Japanese domestic market) cars, tuned vehicles and trucks. Individuals and car clubs can register their vehicles, although the festival isn’t all static displays, with stunt drifting, a rev battle, car pulls and a burnout competition.
Stamp duty timeline
December 2014: Former UK finance minister George Osbourne reforms stamp duty, replacing the slab system with a blended rate scheme, with the top rate increasing to 12 per cent from 10 per cent:
Up to £125,000 - 0%; £125,000 to £250,000 – 2%; £250,000 to £925,000 – 5%; £925,000 to £1.5m: 10%; Over £1.5m – 12%
April 2016: New 3% surcharge applied to any buy-to-let properties or additional homes purchased.
July 2020: Rishi Sunak unveils SDLT holiday, with no tax to pay on the first £500,000, with buyers saving up to £15,000.
March 2021: Mr Sunak decides the fate of SDLT holiday at his March 3 budget, with expectations he will extend the perk unti June.
April 2021: 2% SDLT surcharge added to property transactions made by overseas buyers.
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The bio
Favourite book: Peter Rabbit. I used to read it to my three children and still read it myself. If I am feeling down it brings back good memories.
Best thing about your job: Getting to help people. My mum always told me never to pass up an opportunity to do a good deed.
Best part of life in the UAE: The weather. The constant sunshine is amazing and there is always something to do, you have so many options when it comes to how to spend your day.
Favourite holiday destination: Malaysia. I went there for my honeymoon and ended up volunteering to teach local children for a few hours each day. It is such a special place and I plan to retire there one day.
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LA LIGA FIXTURES
Friday (UAE kick-off times)
Real Sociedad v Leganes (midnight)
Saturday
Alaves v Real Valladolid (4pm)
Valencia v Granada (7pm)
Eibar v Real Madrid (9.30pm)
Barcelona v Celta Vigo (midnight)
Sunday
Real Mallorca v Villarreal (3pm)
Athletic Bilbao v Levante (5pm)
Atletico Madrid v Espanyol (7pm)
Getafe v Osasuna (9.30pm)
Real Betis v Sevilla (midnight)
UAE currency: the story behind the money in your pockets
UAE currency: the story behind the money in your pockets
Tewellah by Nawal Zoghbi is out now.
