Guide and Company Directory for the Oil and Gas Sector
Inter-governmental cooperation, with respect to climate change initiatives, has increased in recent years due to the threat of a warming planet. With over 180 countries participating in the Paris Agreement, signatory countries are looking for ways to reach their Nationally Determined Contributions. For oil and gas producing countries like Canada, this has spawned many new ideas and initiatives that focus on mitigating atmospheric release of greenhouse gases (GHGs), including methane.
Reducing methane emissions is a key strategy to slow the rate of global warming. Methane has a Global Warming Potential over 80 times more than that of carbon dioxide over its 10 – 12-year atmospheric lifespan, and is responsible for about 25% of global warming. Taking action to reduce methane emission levels provides many near-term benefits while slowing global warming and increasing air quality.1
Globally, the oil and gas sector is a key emitter of methane. Methane is a main constituent in natural gas and is emitted during production and processing operations. The International Energy Agency (IEA) estimates that 11 BCF/day2 of methane is lost from global oil and gas operations. Approximately $30 billion in lost product each year can be attributed to methane emissions.3 At the same time, technologies and solutions exist today to reduce emissions, either at a net zero cost, or by transforming them into saleable products. This opportunity allows oil and gas producers to reduce their carbon footprint while generating economic and social benefits.
Canada is a world leader in responsible development of natural resources and it has taken steps to reduce methane emissions at home and abroad. Canadian entrepreneurs have developed solutions to address methane emissions in the local market. They are exporting technologies and services to improve profitability in oil and gas production while reducing methane emissions. In the mid-term, these technologies and services may also have broader applications to other industries globally, such as agriculture and waste management. These solutions contribute to global efforts to reduce the impact of climate change.
The objective of this guide and company directory is to share Canada’s experience and expertise in methane emissions reduction in the oil and gas sector. This guide highlights Canadian capabilities with the purpose to assist other oil and gas producing countries to reduce methane emissions, particularly in upstream operations.
2 https://www.iea.org/reports/methane-emissions-from-oil-and-gas and PTAC: 82 MT methane/year, converted to oil field units. Global methane emission from all sources are estimated at 570 MT methane/year.