Azerbaijan, Baku, Nov. 9 /Trend/
The European Bank for Reconstruction and Development (EBRD) joins forces with the World Bank-led Global Gas Flaring Reduction partnership (GGFR) to help governments in Azerbaijan, Kazakhstan, Russia and Turkmenistan introduce energy efficiency measures to improve business competitiveness and environmental standards in oil and gas operations, EBRD reports.
Through this initiative the banks will help oil-producing countries and companies reduce the waste of a valuable energy source and also combat damage to the environment.
The EBRD will also officially join the GGFR partnership, a public-private initiative of some 30 major oil-producing countries and companies that aim to overcome the challenges of dealing with such gases.
In collaboration with various oil and gas companies, the EBRD and the World Bank's GGFR partnership will manage the production of a ground-breaking market study designed to assess gas venting and flaring operations on about 100 oil sites across the four countries and identify the main obstacles that hinder the further utilization of gases associated with the production of petroleum, the report said. In addition, the study will analyse current legal and regulatory frameworks and look into market, infrastructure and financing barriers.
As part of the new study, international and local experts will categorise oilfields in each country based on their location, type and size. They will also identify gas-oil production and own energy consumption volumes along with associated gas characteristics and its chemical composition.
The study, with a total estimated cost of €1 million funded from the EBRD's Shareholder Special Fund, will be carried out by a consortium led by the Norwegian consultancy "Carbon Limits" with the participation of local expert companies.