Reducing methane emissions assumes two solid data sets: first, monitoring to identify and quantify emission sources and levels; and second, choosing effective solutions to eliminate fugitive emissions. While methane monitoring arms us with data to identify and prioritize mitigation efforts, at some point the focus must shift from understanding the problem to dealing with it.
With the Inflation Reduction Act of 2022 (IRA) and its proposed methane thresholds and fees, balancing costs and benefits means that accurate measurement is more important than ever. The Methane Emissions Reduction Program (MERP), a component of the IRA, provides $1.5 billion in federal funding to support methane monitoring and innovative technologies. The program goal is to improve methane emissions reporting accuracy and reduce methane and GHG emissions across the nation, levying fees on oil and gas facility methane emissions across operations.
In 2024, methane fees are planned to be $900/ton, rising to $1500/ton by 2026. Fee assessments are based on exceeding emissions thresholds, with some exemptions for compliance with stiff EPA methane regulations.
Acquiring and coordinating timely, reliable methane emissions data, and then analyzing the data to take corrective actions can be complicated, time-consuming, and expensive, but technology is advancing to change that.
Monitoring technologies now track and measure methane with a variety of tools and methods:
Once data is in hand, addressing the identified leaks and problem wells is the primary step to reducing methane emissions. Benefits of these reductions: slowing global warming and avoiding federal fees. Reductions can be achieved through equipment upgrades or replacements with zero-emission equipment, responding rapidly to reports of large unplanned emissions events, and promptly sealing leaks when they are identified.
MERP allocates $700 million for identifying and plugging marginal conventional wells, which emit disproportionate levels of methane compared to production volumes.
Choosing the correct well sealing material and technology preserves both company resources – time, money, and regulatory compliance burden – and the environment by shutting off fugitive methane emissions and GHG releases.
BioSqueeze provides the most effective solution for addressing methane leaks in oil and gas wells. Using natural low-viscosity fluids to form a permanent, gas-tight limestone barrier. BioSqueeze increases efficiency and reduces risk to save time and money, maximizing the impact of methane mitigation efforts.
Aug 25, 2022
Business titan Jamie Dimon, CEO of JPMorgan Chase, says American oil and gas can help other countries reduce dependence on dirty fuels like coal, which will reduce global CO2 emissions. In a message to shareholders, Dimon said "national security demands energy security for ourselves and for our allies overseas," noting that "using gas to diminish coal consumption is an actionable way to reduce CO2 emissions expeditiously."...
Mar 09, 2022
Energy demands naturally fluctuate throughout the year, with colder months typically being the most energy intensive. Natural gas is a key component of the world’s energy mix and is produced year-round to account for peak demand. During the summer, when supply exceeds demand, natural gas is routinely stored in vast underground formations where it can be easily extracted in the winter when demand outpaces production....