A recent study has revealed that American oil and natural gas operations are emitting three times the amount of methane gas than previously estimated by the government. This excessive methane release is causing an estimated $9.3 billion in climate damage annually. The study, published in the journal Nature, highlights that over half of these methane emissions originate from a small fraction of oil and gas sites, making the issue more severe than initially thought but also potentially manageable.
Globally, large methane emissions events have increased by 50% in 2023 compared to the previous year, with over 5 million metric tons detected in major fossil fuel leaks. The International Energy Agency's Global Methane Tracker 2024 reported a slight rise in world methane emissions to 120 million metric tons in 2023.
The lead author of the study emphasized that targeting the highest emitting sites could significantly reduce emissions. The primary sources of methane emissions in the oil and gas production and delivery system include gas flaring, leaks from tanks, compressors, and pipelines.
The study found that approximately 3% of U.S. gas produced is wasted into the atmosphere, significantly higher than the Environmental Protection Agency's estimate of 1%. Efforts to monitor methane emissions from above, such as the MethaneSAT satellite, are gaining traction as a more effective method compared to relying on company estimates.
The study estimates that the lost methane could be worth about $1 billion annually for energy companies. Despite the potential economic value, about 40% of global methane emissions from oil, gas, and coal could have been avoided at no extra cost, indicating a missed opportunity for emission reduction.
Experts emphasize the critical importance of reducing methane emissions to meet climate targets. The study's comprehensive analysis sheds light on the urgent need to address methane emissions from oil and gas operations to mitigate their significant impact on global warming.
