METHANE REMAINS IMPALPABLE CHALLENGE FOR OIL & GAS INDUSTRY - WOOD MACKENZIE

KUALA LUMPUR, Nov 16 (Bernama) -- Methane remains a significant challenge for the oil and gas industry, according to a new Horizons report from Wood Mackenzie, the global insight business for renewables, energy and natural resources.

The 28th United Nations Climate Change Conference (COP28) could prove a landmark moment for methane reduction commitments, and companies and governments will need to take strong steps to reduce emissions and enforce new standards.

Titled Mission invisible: tackling the oil and gas industry’s methane challenge, the report highlighted methane is responsible for almost a third of the emissions-induced increase in global temperatures and is estimated to account for up to a quarter of human-caused (anthropogenic) methane emissions.

Meanwhile, according to Wood Mackenzie’s Emissions Benchmarking Tool, typical methane losses per field are small and less than 500 kilogrammes per hour, which is below the measurable resolution of most current satellites, but around 96 per cent of all fields have emissions on this scale, making it a large, cumulative problem.

More significant emissions from larger fields are often spread across multiple production facilities, making them harder to quantify, according to a statement.

Government action will be vital to reduction efforts, with three high-level actions that can stimulate progress such as greater ambition; consistent enforcement; and financial support for technology, the report said.

With over 2,000 experts operate across 30 global locations, Wood Mackenzie covers the entire supply chain with unparalleled breadth and depth, backed by over 50 years’ experience in natural resources.

-- BERNAMA