$WPWR 1 IMPORTANT THING THEY DO,,,
Associated gas flaring is one of the most challenging energy and environmental problems facing the world today. Approximately 150 billion cubic meters of natural gas are flared in the world each year, representing an enormous waste of natural resources and contributing 400 million metric tons of CO2 equivalent global greenhouse gas emissions.
Environmental degradation associated with gas flaring has a significant impact on local populations, often resulting in loss of livelihood and severe health issues. Annual global flaring is equivalent to about 30 percent of the total yearly gas requirements of the entire European Union, or the annual residential gas consumption in the United States. Even more troubling, in some cases flaring negatively affects the livelihood and quality of life for local populations, often raising political stakes for governments and petroleum production companies.
5% of global gas production … wasted
Gas flaring reduction has the potential to be one of the great energy and environmental success stories, and it has the potential to be achieved within the next five years. For the oil and gas industry, environmental scrutiny is only increasing in the near-term as a result of recent events like the spill in the Gulf of Mexico. Finding the right partnerships to eliminate legacy flaring and minimize new flaring is a chance for the industry to take a leadership role on sustainable resource development and energy efficiency. For producer governments, flare reduction is an opportunity to create value from a wasted resource and an enable wider access to energy, improved environmental conditions, and economic development for local populations. Successful efforts to reduce flaring will benefit local communities, provincial and national governments, and the entire planet.
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150 billion cubic meters per year of flared gas is roughly equivalent to …
• Gas use in all US residences for a year
• 5% of global natural gas production
• 23% of US natural gas use
• 30% of EU natural gas use
• US$10 Billion lost revenue at $2.00 per MMBtu
• 2.4 Million barrels of oil equivalent per day
