Oil & Gas Q3 2023 Insights
Sia Partners has analyzed and benchmarked the technologies available in the market that can help Oil & Gas actors to tackle methane emissions related to their upstream activities and comply with environmental policies.
Methane is responsible for roughly 30 percent of global warming worldwide, making it the second greatest contributor next to Carbon Dioxide (CO2). Methane is a dangerous air pollutant, affecting air quality at the ground-level ozone, otherwise known as the surface-level ozone or Tropospheric ozone. Its Global Warming Power is more than 80 times greater than CO2 over a 20-year period and reducing methane emissions represents one the best near-term opportunities to contribute to climate change mitigation.
The energy industry, especially the Oil and Gas sector, has the most significant lever to tackle these emissions. Studies have shown that upstream Oil and Gas contributes to 80 percent of industry emissions, with vented sources accountable for most releases.
The standard and proven approach to reducing these emissions focuses on three main categories - Find, Process, and Improve. Based on our client’s requirements, Sia Partners is able to assist in determining what technologies should be used for finding Methane releases, what data processing types are best suited for analyzing the data received, and what process improvements can be implemented to reduce or mitigate emissions. This analysis can be completed for every client profile, small or large, and can accommodate quick turnaround times and end-to-end implementation. This initiative will increase the efficiency of reducing emissions and contribute to the success of attaining reduction targets