Globally, oil and gas operations emit methane pollution the equivalent to the total energy-related carbon dioxide emissions of the European Union, according to a new report from The International Energy Agency (IEA).
Oil and gas production operations worldwide emitted more than 70 million tonnes of methane into the atmosphere last year – which is broadly the equivalent to the total energy-related CO2 emissions from the entire European Union.
And this was after it was estimated methane emissions from the industry actually fell by an estimated 10% last year as output was slashed because of plummeting demand due to the Covid-19 pandemic.
Methane is an extremely potent GHG with a global warming potential at least 25 times greater than that of carbon dioxide over 100 years.
The findings fly in the face of emissions reduction pledges made by several major oil and gas companies that are household names, including BP Plc, Shell, and Total.
Methane emissions from oil and gas production can occur via leaks from remote and/or unstaffed locations and by companies flaring or venting excess gases. The practise is largely unregulated. In the past it has been hard to measure and quantify these emissions but new technologies, including drones and satellites have made it much easier.
According to the IEA, reducing methane emissions from oil and gas operations is ‘among the most cost-effective and impactful actions’ governments can take to achieve global climate goals. So why so slow to act?
Hard to say other than perhaps it just hasn’t been prioritised enough by both companies and regulators. In the US, which accounted for 16 per cent of the total of 70m tonnes of methane emitted, former US President had brought in regulation to measure and control emissions but this was slashed by succeeding President Trump.
Many of the major oil and gas companies, including Total and BP, do now have targets to tackle the problem, however. But time is of the essence given the world needs to roughly half emissions by 2030.
I spoke with Nick Turton, the external affairs director at the UK Energy Institute, professional body for the energy sector, and he agreed with IEA assessment that regulation is necessary: “Voluntary and communal action will get us some way, but the challenge on climate change is so huge and urgent, given the pace that’s required, that won’t get us there fast enough,” he says.
Speaking more generally about the technologies needed to tackle emissions through the oil and gas value chain, he said: “Action on climate change is going to require incentives by governments to actually make things happen. This wouldn’t necessarily happen on its own by the private sector, as climate change itself is a market failure, it requires governments to take action to require the industry to improve,” he said.
Remember, you can always tweet or write to companies and governments asking them to take more action.
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