Politics and technology are driving oil companies to reduce methane emissions
Discussions around climate change primarily focus on carbon dioxide, but another potent greenhouse gas, methane, is gaining attention at the COP28 summit in Dubai. Unlike carbon dioxide, which persists in the atmosphere for centuries, methane has a shorter lifespan but is significantly more effective at trapping heat. Nearly half of the temperature difference between the 2010s and the mid-19th century is attributed to methane emissions.
One of the key areas of concern at COP28 is the methane emissions from oil and gas companies. These emissions are seen as a crucial target for reduction due to advancements in technology making measurement easier, increasing political pressure, and the realization of cost-effective mitigation strategies. Sultan al-Jaber, the Emirati president of COP28, aims to spearhead a comprehensive deal on methane reduction with support from the US and the EU.
Norway provides a promising example of successful methane reduction efforts within the oil and gas industry. By implementing stringent regulations and innovative solutions, such as transitioning offshore platforms to cleaner energy sources, Norway has significantly reduced greenhouse gas emissions compared to other countries sharing the North Sea.
Global initiatives are also gaining momentum, with China including methane in its climate plan and the EU approving stringent standards for methane emissions. Advanced technologies, such as satellite monitoring and artificial intelligence, are aiding in the identification of major methane sources, leading to targeted emission reduction strategies.
Major Western oil companies have pledged to reduce methane intensity through a combination of high-tech monitoring and operational enhancements. However, a significant portion of methane emissions stems from national oil companies (NOCs), necessitating collaboration between private and state-owned entities to achieve substantial reductions.
As monitoring technologies improve and transparency increases, the pressure on oil and gas companies to address methane emissions continues to grow. The potential for economic gains through the capture and utilization of methane further incentivizes companies to invest in emission reduction measures.
Ultimately, the global focus on methane reduction highlights the industry’s evolving commitments towards sustainability and climate action. With increasing awareness, technological advancements, and collaborative efforts, the path towards significant methane emission reductions appears promising on the global stage.
