P2 and Its New Mexico Customers Collaborate on Critical ESG Initiative that Captures Venting & Flaring, Ensures Proper Reporting04/11/2022
Houston, Texas – (April 11, 2022) – P2 announced today that in partnership with over 30 customers in New Mexico, of which six are top 10 producers, it successfully delivered the necessary capabilities to satisfy the New Mexico Energy, Minerals and Natural Resources Department’s (EMNRD) Oil Conservation Commission’s (OCC) July 2020 41-page rule which regulates the venting and flaring of natural gas from wells, production equipment, and facilities. Available in the P2 Merrick suite, the solution satisfies the requirements from data capture in the field, through production accounting and on to the new regulatory form C115B. This represents an ESG initiative that was the result of months of collaboration with customers.
This solution, included at no additional cost to customers, enables the capture of every single mcf of gas that is vented or flared, whether measured or estimated; the well or facility where it occurred; and 13 pre-approved event codes (reasons) for the emissions to comply with one of the most far-reaching state-enforced rules seen in recent history.
The timing of P2’s release is crucial for operators who would have otherwise needed to rely on spreadsheets for field personnel to properly capture the necessary details of these events (of which there could be hundreds or even thousands in a month). The solution ensures that volumes associated with the events are properly summed and allocated to the contributing wells and reports them in a format that was not formally published by the OCC until a couple of months before the first C115B was due.
P2’s solution is flexible enough for New Mexico operators of all sizes (less than 500 wells to tens of thousands of wells) and enables each company to roll out the data capture to their field following their own internal reporting requirements and codes. The solution also enables codes to be translated to the OCC required codes, so when the OCC decided to include additional data capture and reporting requirements around gas that fell under the category of beneficial use, P2 was able to accommodate this as well.
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About P2 Merrick
P2 Merrick is an end-to-end, industry-leading production solution that manages over half the wells in the U.S. For 30 years, it has been helping oil and gas companies monitor and improve production operations and results through the effective collection, accounting, and reporting of accurate and validated production data. P2 Merrick is the leader in mobile field data capture solutions deployed by more than 22,000 field operators, is optimized for all types of operations (onshore/offshore, conventional/unconventional), and is used by top 10 operators in every major shale play. To learn more, visit: https://www.p2energysolutions.com/p2-merrick
About P2 Energy Solutions
P2 Energy Solutions (P2) is the world’s largest independent provider of software and data solutions exclusively serving the upstream oil and gas industry. Professionals from more than 1,700 companies around the world rely on P2’s oil and gas data, land, production, and accounting solutions to optimize their business processes and performance. To learn more, visit: https://www.p2energysolutions.com