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Vine Energy Inc. (NYSE:VEI) (the "Company" or "Vine") announced today the execution of an agreement with Project Canary, the standard for trusted Environmental, Social, and Governance data, in which Vine is expected to become the first in the Haynesville Basin to certify 100% of the company's assets and gain access to certified, responsibly sourced gas (RSG) markets.
The certification process is expected to begin in November 2021, when Project Canary will begin its TrustWell™ operational certification review of all the company's producing wells. In addition, Project Canary will deploy "Canary X" continuous emissions monitoring devices across locations representing 25-30% of Vine's natural gas production which will target domestic and international RSG markets.
Noting the significance of the agreement, Eric Marsh, Chairman, President and Chief Executive Officer, commented, "Since Vine's inception, we have demonstrated an unwavering commitment to environmental stewardship. In the past three years alone, we've reduced our methane intensity by 62% and our greenhouse gas intensity by 35%, all while growing production nearly three times over the same period. Our relationship with Project Canary will impart the reach necessary to both independently verify our performance and reduce our emissions even further, while concurrently meeting the growing demand for cleaner and affordable natural gas across the globe. As an essential component of our nation's energy backbone, we are proud of the leadership role we are playing to protect our ecosystems for future generations with energy sourced in an environmentally responsible manner."
Chris Romer, CEO and co-founder of Project Canary said, "Vine Energy is a well-recognized leader in the Haynesville and we are proud to be working with them to extend their operational and environmental performance goals and objectives."
Posted In: VEI
