The value of natural gas flared by 80 different nations around the world has increased by 11% to hit a global peak this year of $16.4 billion, according to new data analysed by Brainnwave.
The data intelligence business says this is thanks to the dual effects of the rising price of natural gas and the increased volume of gas flared. The volume of natural gas lost to flaring has increased by 3.2%, from 140.5 billion m3 in 2017 to 145 billion m3 in 2018.
Data intelligence business Brainnwave pinpointed gas flaring events throughout the world using nighttime satellite imagery from visible infrared radiometer data. That data was then used to measure the volume of gas flared. This enabled the firm to use the mean Henry Hub spot price for natural gas in US dollars to estimate its value.
According to Brainnwave, Russia, Iraq, Iran, and the US were the four most-wasteful nations in 2018, flaring more than 70 billion m3 of natural gas—enough to heat 38 million homes for a year—more than all the homes in the UK and Ireland combined. It is also more gas flared than the next 30 most-wasteful nations combined.
Read the full story here.
Don't miss our latest HSE content, delivered to your inbox twice monthly. Sign up for the HSE Now newsletter. If you are not logged in, you will receive a confirmation email that you will need to click on to confirm you want to receive the newsletter.
15 - 16 Sep 2020
- Brisbane, Australia
We are in the throes of an energy transition - our energy system is evolving rapidly and diversifying, decarbonising and decentralising.
22 - 24 Sep 2020
Take your place at this virtual upstream event
5 - 7 Oct 2020
- Denver, Colorado, USA
Join thousands of E&P professionals for technical learning, networking and collaboration
7 - 10 Dec 2020
- Amsterdam, The Netherlands
Delivery for the Energy Challenge: Today and Tomorrow
4 Jun 2020 19:00
- Live, then On Demand
19 Jul 2020
- Austin, Texas
This one-day session will include a view of best practices for Carbon Management with a focus on fugitive methane reduction.
27 - 31 Jul 2020
Share HSE and sustainability best practices with peers to minimize risk and add value to operations in a virtual, global setting
HSE Now is a source for news and technical information affecting the health, safety, security, environment, and social responsibility discipline of the upstream oil and gas industry.
©2003-2020 Society of Petroleum Engineers, All Rights Reserved.