14 DAY TRIAL // If specialists working with the Environmental Defense Fund and ICF International Inc. are right, then having the oil and gas industry currently up and running in the United States drastically reduce its ecological footprint is only a matter of will.
In a report made available to the public just yesterday, these researchers argue that, using technologies that have already been developed and given the thumbs up, oil and gas companies across the country could reduce their annual methane emissions by 40% below their projected 2018 levels.
Besides, the Environmental Defense Fund and ICF International Inc. scientists argue that this can be achieved at little, maybe even no cost. This is because the natural gas that would be captured instead of being allowed to seep into the atmosphere could easily be sold.
The 40% drop in methane emissions linked to the oil and gas industry in the United States could be achieved by resorting to less than a dozen emission control strategies that have until now been proven to be fairly efficient.
The emission control strategies would have to target as many as 19 different leakage sources, and be set in place within a five-year timespan, a press release on the matter at hand explains.
The researchers who took part in this investigation detail that these measures would include the use of lower-emitting valves and investments in improved leak detection systems. Repairs meant to limit the amount of methane leaking from equipment would also have to be carried out.
According to Oil Price, it is estimated that implementing such measures would come with a price tag of $2.2 billion (€1.59 billion). However, specialists estimate that, by selling the natural gas captured with their help, the initial investments would be offset within a rather limited time frame.
“Industry could cut methane emissions by 40 percent below projected 2018 levels at an average annual cost of less than one cent per thousand cubic feet of produced natural gas by adopting available emissions-control technologies and operating practices,” the specialists write in their report.
“This would require a capital investment of $2.2 billion (€1.59 billion), which Oil & Gas Journal data shows to be less than 1% of annual industry capital expenditure. If the full economic value of recovered natural gas is taken into account, the 40% reduction is achievable while saving the U.S. economy and consumers over $100M (€72.6M) per year,” they add.
As reported on several occasion, methane is a powerful greenhouse gas. Thus, it has been documented to be one of the drivers behind climate change and global warming, and to also contribute to extreme weather manifestations such as heat waves, droughts, and powerful storms.