Petro.ai understands the importance of connecting reserves and emissions. We understand that Environmental, Social and Governance activism is driving changes in behavior for public investors, private investors, lenders, and management teams. But when will the measuring be done? Who will set the industry standards? How will the model be developed?
“Going after modeling the emissions associated with getting oil out of the ground is an engineering problem,” Dr. Troy Ruths, CEO of Petro.ai cautions. “And Petro.ai is the engineering tool to help do just that. The reduction of emissions will be understood through the analysis of related data.”
Calculations of carbon life cycle analysis (LCA) is an analytical method that can wind up mired in semantics and politics. Petro.ai knows the importance of setting clear metrics for measuring, estimating and knowing our carbon emissions to bring environmental justice for all.
Right now, self-reporting is the best O&G can do. There are no widely accepted industry standards and the impact of carbon intensity is too important to be left to others. That’s why we’ve partnered with Dr. Nathan Meehan, President of CMG Petroleum Consulting and the 2016 President of the Society of Petroleum Engineers. As senior advisor for reserves and emissions, he and other industry experts will be setting the CIRMS standards.
“Once they’ve done that,” Richard Gaut, CFO and COO of Petro.ai, explained, “we’ll build workflows around those models and facilitate reporting to meet those CIRMS guidelines.”
We’re just at the beginning. That’s where Petro.ai likes to be—defining and moving this important work forward, helping to translate the measuring, reporting and forecasting of carbon intensity for the industry today and in the future.
“It might take years to get that done,” Gaut adds, “but in the meantime, we’ll keep iterating and building directly with operators on our Petro.ai software to meet this industry challenge.”