Exxon said its embrace of tighter methane regulation is designed to put oil and gas producers on equal footing. Methane, the main component of natural gas, is a potent greenhouse gas.
Exxon’s goal of halting all flaring by 2030 is shared by Chevron (CVX.N) and BP (BP.L). London-based Shell (SHEL.L), which sold the bulk of its U.S. shale assets, aim to halt most of its global routine flaring by 2025.
The amount of gas flared globally is almost equivalent to all the natural gas Europe was importing annually from Russia before sanctions against Moscow last year, according to the International Energy Agency (IEA).
Last year we reached the investment inflection point where alternative energy got as much money as hydrocarbons.
Maybe this year is the political inflection point where the lobbying money moves that way too.
Under Obama a new regulation was drafted that producers could flare off for up to 6 months after initial production, then it had to be captured. One of those “jOb kIlLiNG rEgUlAtIoNs”.
Vapor recovery systems aren’t expensive, it’s rental equipment and then in most cases the captured NG is then used to power the rig. If not then it’s captured and collected and there is no pipeline then it’s SOLD and trucked out.
It’s ok to not ■■■■ in your own hat when producing oil, even if someone has to be told not to do it.
Flaring makes rural sparsely populated areas like S. Texas more polluted than any city and had been linked to disease, preterm births, cancer clusters etc, and that’s before you get to the problems of methane release into the atmosphere.
Been proven, not arguing over it, don’t care if you like reality of not.
Since anecdotes are more meaningful than data to some, spend any time in the Eagleford and you can taste it in the air. Air quality is worse than it is in Deer park and the air there tastes like brake cleaner. At night on a small hill and gas flares as far as you can see. Even the State is taking notice or was a year ago and proposing tighter restrictions, don’t know if they ever did anything, probably not if XOM is leading the way.
The funny part is XOM is the least likely to need to flare, those jokers couldn’t find oil in a jar of Vaseline.
No, it hasn’t. Even you only claimed “linked”.