Diversified Energy Company shares were down 2.6% to 115.4p in late afternoon trading on Wednesday, following the company’s acquisition of the Opgal EyeCGas 2.0.
The firm also reported the acquisition of the technology’s companion state-of-the-art emissions measurement devices, the EyeCSite Tablet software and the Semtech Hi-Flow 2 sampler.
The move comes as part of the group’s ongoing evaluation and deployment of new technologies to reach its stated emissions goals.
Diversified Energy commented that the acquisitions positioned the company as the first group in the US to deploy the technology in upstream natural gas operations.
The energy firm has already rolled out the new acquisitions across its operations based in Appalachia and the Central Region.
According to the company, the Opgal EyeCGas 2.0 uses an Optical Gas Imaging Camera and Artificial Intelligence software to quantify methane leaks, particularly emissions sourced from difficult to access breaches.
Diversified Energy added that the Semtech Hi-Flow 2 sampler uses Tunable Laser Absorption Spectroscopy to accurately measure fugitive methane emissions, with the specialised equipment to support additional validation of reported leak quantities.
The group mentioned that its previous generation of equipment only served to visually detect fugitive methane emissions. However, its new technology is reportedly capable of estimating the level of emissions in an environment.
“Our investment into advanced and innovative emissions measurement technology advances our efforts to reduce our methane emissions by 30% by 2026 from 2020 levels on the way to net-zero greenhouse gas emissions by 2040,” said Diversified Energy Company CEO Rusty Huston Jr.
“Adding this technology to the aerial surveillance and handheld detection devices we’ve placed in the hands of our skilled well tenders further enhances our ability to proactively detect, accurately measure and repair fugitive emissions across our asset base.”
“Diversified remains committed to the continuous improvement of our environmental performance and to outpacing the expectations of our stakeholders.”