World Bank: Spontaneous Gas Combustion Associated With Oil Production Is Rising
Arab and international Economy News - follow up A World Bank report revealed on Thursday that oil companies around the world burned the largest amount of natural gas associated with oil production last year in five years.
With only six years remaining to achieve the World Bank's goal of stopping spontaneous flaring of gas associated with oil production, companies burned an estimated 148 billion cubic meters of gas in 2023, an increase of seven percent from 2022, despite crude oil production rising only one percent during the same period. Period.
Natural gas is usually produced from oil exploration, and some companies choose to burn this gas instead of capturing and storing it because providing the necessary infrastructure to deal with it is not commercially viable.
The World Bank’s Global Monitoring Report on Spontaneous Gas Flaring stated that the growth in gas flaring has erased the effect of the reductions achieved in 2021 and 2022, and added that “global efforts to reduce spontaneous flaring of gas associated with oil production are not sustainable and there is a need to take urgent action.” ".
Eliminating this practice would reduce at least 381 million tons of carbon dioxide equivalent from harmful emissions released into the atmosphere.
Nine major oil-producing countries account for 75 percent of gas flaring and 46 percent of oil production.
These countries are Russia, Iran, Iraq, the United States, Venezuela, Algeria, Libya, Nigeria and Mexico, according to the order of the quantities of gas burned.
The report stated that Algeria and Venezuela reduced spontaneous combustion, but these gains were eroded by Iran, Russia, the United States, Libya and other countries.
The World Bank, in cooperation with the Colorado School of Mines in the United States, relied on data from satellites to calculate spontaneous combustion data. Views 102 06/20/2024 - https://economy-news.net/content.php?id=44445
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