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(Reuters) – U.S.-based Devon Energy Corp will not bring oil wells online unless it has the capacity to deal with the gas byproducts, Chief Executive David Hager told a conference on Wednesday.
Gas production, a byproduct of drilling in the U.S. Permian basin, has hit record highs this year, filling available space on existing pipelines and forcing companies to burn off, or flare, the fuel if they cannot find other ways to deal with it.
Hager told the Barclays CEO Energy-Power Conference in New York that the company had been averaging flare rates of 3 percent in the Permian’s Delaware basin.
Reporting by Shanti S Nair in Bengaluru; editing by Patrick Graham
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