Latest News

Upstream electrification can cut oil and gas production emissions by more than 80%, report says

Oil and gas production facilities could minimize associated emissions by more than 80% by changing to electricity generated from renewables or gas designated for burning, a report from research company Rystad Energy said on Thursday.

The report stated oil-producing rigs and other possessions in the Norwegian Continental Shelf emit 86% less carbon dioxide per barrel of oil equivalent after totally electrifying.

Though other producing nations might deal with logistical difficulties, even partial electrification will considerably cut emissions, experts said.

WHY IT is very important

Scientists estimate that the world requires to cut greenhouse gas emissions by around 43% by 2030 from 2019 levels to stand any chance of meeting the 2015 Paris Contract goal of keeping warming well below 2 degrees Celsius (3.6 Fahrenheit) above pre-industrial levels.

About 140 billion cubic meters per year of gas has been flared, a process where excess gas is burnt, globally in the last 10 years, equating to about 290 million tonnes of CO2 emissions each year.

CONTEXT

Oil companies worldwide chose to burn the most gas in 5 years in 2023, according to a World Bank report.

Leading oil and gas business are intending to cut their emissions at a fast speed to reach their objectives of attaining net absolutely no by 2050 in terms of greenhouse gas discharge.

NUMBERS

If the production properties at top oil and gas-producing regions of the world cut their emissions by 50%, the CO2 reduction would relate to about 0.025 degrees Celsius of worldwide warming prevented by 2050, according to the report.

CRUCIAL QUOTE

Where it's possible and financially practical, electrification has excellent prospective to lower the market's. emissions while maintaining production output, states Palzor. Shenga, vice president of upstream research with Rystad.

(source: Reuters)