2023-11-15 21:07:46
LONDON, HOUSTON and SINGAPORE, Nov. 15, 2023 (GLOBE NEWSWIRE) — Methane continues to be a major challenge for the oil and gas sector. COP28 might be a landmark moment for methane reduction commitments, and it will be necessary for companies and governments to take strong action to reduce emissions and impose new standards, according to a new Horizons report from Wood Mackenzie.
Methane is responsible for nearly a third of the emissions-induced rise in global temperatures since the start of the industrial era, and the oil and gas sector is estimated to be responsible for up to a quarter of human-caused (anthropogenic) methane emissions. , according to the report Mission invisible: tackling the oil and gas industry’s methane challenge (Mission Invisible: Tackling the Oil and Gas Sector’s Methane Challenge).
According to the Emissions Benchmarking Tool (Emissions Benchmarking Tool) from Wood Mackenzie, typical methane losses per field are small – less than 500 kilograms per hour (regarding 0.65 million cubic feet per day), which is below the measurable resolution of most current satellites – but regarding 96% of all fields have emissions on this scale, making the problem large and cumulative. The most significant emissions from larger fields are often spread across multiple production facilities, making quantification difficult.
Government role
According to the report, government action will be vital to reduction efforts, and there are three high-level actions that can spur progress:
Greater ambition. An implementable and enforceable policy would be a positive start, such as global collaboration to end all large-scale flaring and ventilation.
Consistent supervision. Policymakers and regulators must collaborate with the industry to set realistic targets and timelines for emissions reductions while ensuring that fees and fines are collected appropriately and loopholes are closed.
Financial support for technology. Governments can support funding to improve measurement technology and mitigation solutions. For example, as part of the US Inflation Reduction Act (IRA), $350 million in funding is available to monitor and reduce methane emissions.
Kevin Baxter
+44 330 124 9400
[email protected]
Vivien Lebbon
+44 330 174 7486
[email protected]
Mark Thomton
+1 630 881 6885
[email protected]
Song Myat Mon
+65 8533 8860
[email protected]
The Big Partnership (UK PR agency)
[email protected]
Sobre a Wood Mackenzie
Wood Mackenzie is the global vision consultancy for renewable energy, energy and natural resources. Data-driven. Powered by people. In the midst of an energy revolution, businesses and governments need credible and actionable visions to lead the transition to a sustainable future. That’s why we cover the entire supply chain with unprecedented breadth and depth, backed by over 50 years of experience in natural resources. Today, our team of over 2,000 experts operates in 30 locations around the world, inspiring client decisions through real-time analytics, consultancy, events and expert industry influence. Together, we provide the information you need to differentiate risk from opportunity and make bold decisions when it matters most. For more information, visit woodmac.com.
GLOBENEWSWIRE (Distribution ID 1000899674)
1700120838
#Methane #emissions #continue #difficult #challenge #oil #gas #sector
