BAKU, Azerbaijan, June 20. Over 140 bcm of natural gas was flared in 2021 and a further 125 bcm was vented or leaked to the atmosphere from oil and gas operations, Trend reports with reference to the International Energy Agency (IEA).
This waste of natural gas is happening against the backdrop of tight and volatile gas markets.
“We estimate that it is technically possible to avoid over 70 percent of today’s methane emissions and 90 percent of flaring from global oil and gas operations. This wasted gas could often easily reach markets: over 54 percent of all flared volumes are within 20 km of an existing gas pipeline,” reads the latest IEA report.
The ways to prevent flaring and methane emissions from oil and gas operations are known and cost-effective.
“These measures include installing emissions control devices, conducting regular leak detection and repair campaigns, and replacing components and devices that emit methane in their normal operations. If there are no connections to gas markets, companies can re-inject waste gases into oil and gas reservoirs, or use them for local electricity generation. In total, we estimate that action to reduce methane leaks, venting and flaring could quickly bring nearly 210 bcm to global gas markets.”
Gas wasted in flaring, venting and methane leaks from oil and gas operations led to around 2.7 billion tonnes of CO2 equivalent (Gt CO2-eq) emissions in 2021.
“We estimate that rapid action to deploy all available abatement technologies over the next decade would cut around 0.07 °C in 2050 and 0.12 °C in 2100 from the global temperature rise. This is the same effect on the global temperature rise by mid-century as immediately eliminating the GHG emissions from all of the world’s cars, trucks, buses and two- and three-wheelers.”
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