Sclumberger’s Stewardship Tool is built on software that analyzes 19 factors to improve a project’s environmental impact.
On Tuesday (May 21), Questerre Energy (TSX:QEC) announced that it is partnering with Schlumberger (NYSE:SLB) as part of a cleantech project to track the impact of natural gas production on the environment.
The pilot project, to be launched in Quebec, will apply Schlumberger’s Stewardship Tool software, which tracks 19 performance indicators, including water usage, air quality, chemical usage and emissions.
These factors are then targeted to analyze and optimize functionality to reduce environmental damage.
The Stewardship Tool helps companies drill for oil with improved accuracy and efficiency, further eliminating any waste or negative impact.
“Being transparent about the environmental benefits of our cleantech energy project is essential to building trust with our stakeholders and securing social acceptability,” Michael Binnion, president and CEO of Questerre, said in a press release.
Questerre, with headquarters in Calgary, Alberta, operates within the oil and gas business, with primary operations focused on shale gas, tight oil and shale oil.
Schlumberger has a history of environmental involvement. In 2017, it became the first oil and gas company to join IPECA, an oil and gas association for environmental advancement.
IPECA has a 45 year history, and is the primary means of communication between the oil and gas industry and the United Nations.
On Tuesday, shares of Questerre opened at C$0.32 and closed at C$0.31, a 3.13 percent decline. Schlumberger shares opened on Tuesday at US$39.29, rising 0.53 percent to close at US$39.50.
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Securities Disclosure: I, Dorothy Neufeld, hold no direct investment interest in any company mentioned in this article.