BAKU, Azerbaijan, June 20. Reducing flaring, venting and methane leaks would offer more immediate relief to gas markets than investing in new supply, bringing a double dividend: relief for very tight gas markets and reduced greenhouse gas emissions, Trend reports with reference to the International Energy Agency (IEA).
“We estimate that nearly 210 billion cubic metres (bcm) of natural gas could be made available to gas markets by a global effort to eliminate non-emergency flaring and reduce methane emissions from oil and gas operations,” reads the latest IEA report.
IEA experts note that the war in Ukraine has had a dramatic impact on the global energy system.
“Russia was the world’s largest oil and natural gas exporter in 2021, and energy markets have been thrown into turmoil, with major energy security and supply risks worldwide. There are a number of options available to boost gas supplies to reduce the current market tightness. Some gas producing countries and companies are looking to explore and approve new supply projects. However, it typically takes many years for such projects to start producing, so they are not a good match for our immediate energy security needs. Substantial gas resources currently are being produced that do not make it to market because they are lost to flaring and leaks across the oil and gas supply chain.”
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