Extraction Oil & Gas defines sustainability
Exploration and production company Extraction Oil & Gas has released a new report outlining what it hopes will be new industry standards.
Called ‘Above and Beyond’, the Colorado-based company’s plan is reflective of its innovative and forward-thinking approach to the industry. Founded in 2012, Extraction is trying to usher in a new standard, one which is thoroughly modern and driven by ESG principles.
“We are keenly aware that we are stewards of a company built to endure for generations as it provides the energy needed to power social and economic development in our region,” said Matt Owens, President and CEO.
Setting the standard
The report highlights a number of areas that the Extraction is focusing on: operational safety, environmental protection and the innovative use of technology to drive efficiencies.
Striving to maintain high working standards and priding itself on prioritising the welfare of its employees, the company has logged over 2mn work hours without incident.
This impressive feat has been enabled by operations which are rigorously monitored 24/7 and feature automatic shutdown capabilities, as well as real-time notifications on the compromisation of system integrity and thorough air quality tracking.
Adept at identifying areas which are inefficient and in need of optimisation, Extraction has managed to reduce water consumption by 33%, lower noise pollution, enabled 99.9% of its carbon emissions to be captured and designed drilled wells to be environmentally sound.
A pioneer in the adoption of innovative new technology, the company was a trailblazer in the utilisation of electric-powered drilling.
It was this that allowed Extraction to significantly reduce its noise and carbon pollution levels comparative to traditional diesel-powered operations.
Taking pride in its work
Currently employing over 250 people and producing 75,000 barrels of oil per day, Extraction’s attention to details and emphasis on quality will hopefully have a positive impact on how others in the industry choose to do business.
“Led by Extraction’s Board of Directors, our culture is tied to values that include transparency, honesty, and integrity,” explained Owens in the report’s preface.
We are committed to providing lasting value to all our stakeholders and Above and Beyond shows how we turn that commitment into a reality.”
Global Offshore rebrands Enelift and invests in global hubs
Global Offshore has rebranded Enelift and will invest "a seven-figure sum" in establishing new support hubs in Houston, Dubai, Singapore, Perth and the Caspian during the next six months.
The investment will cover oil, gas and renewables, mainly concentrating on manufacturing capability with associated R&D, as well as in stock held in the hubs.
The company’s flagship Hinge Lok technology provides aluminium, non-welded light weight transportation cradle for casing and tubing. Enelift now plans to enhance its offering by augmenting its existing solutions with robotics and remote operational and training technology, which will reduce manpower for handling offshore equipment that is transported and stored using the Hinge Lok system.
Enelift is partnering with "a Japanese robotics company" and the technology will be trialed with "a Norwegian operator on a Norwegian drilling rig", according to a statement.
Operating from its bases in Aberdeen, UK and Esbjerg, Enelift was founded by 35-year industry veteran and Managing Director Paul Brebner 10 years ago to offer the offshore energy industries safe, reliable and efficient storage and transportation of equipment.
The expansion plans are bolstered by the appointment of Jim Clark of the Craigendarroch Group to Chairman, and Adam Maitland to Non-Executive Director. Maitland is the Managing Director of Hutcheon Mearns IF, and brings his wealth of expertise in the field of corporate finance.
Brebner said Enelift may be a new name in the market, but the experience it brings is "industry renowned".
"Our solutions are underpinned by safety that enables inefficiencies and their associated costs to be eradicated – meaning operational personnel can focus doing what they do best, safely. We remain committed to providing the safest storage and transportation solutions for equipment in the sector as we grow our global operations," he said.
Clark said the market is changing and its solutions fully support customers’ economic and safety aspirations.
"We are very well placed to take full advantage of increasing opportunities in the Middle East, Africa, Far East and Americas. Safety is our absolute commitment to our customers and our support hubs will facilitate this. Aligning our identity to our entire offering ensures that we will drive our expansion through new products and global support sites across the rest of this year."