5 Updates in This Week's Methane News

With COP28 on the horizon, there has been a flurry of news this week in the world of methane emissions and the oil and gas industry. So, if you missed any of it, here’s a summary:

#1 EU Commission welcomes deal on first-ever EU law to curb methane emissions in the EU and globally
The Regulation agreed on November 15 aims to stop the avoidable release of methane into the atmosphere and to minimize leaks of methane by fossil energy companies operating in the EU.

• It requires operators to report regularly to the competent authorities about quantification and measurements of methane emissions at source level, including for non-operated assets
• It obliges oil and gas companies to carry out regular surveys of their equipment to detect and repair methane leaks on the EU territory within specific deadlines
• It bans routine venting and flaring by the oil and gas sectors and restricts non-routine venting and flaring to unavoidable circumstances, for example for safety reasons or in case of equipment malfunction

Read more here: https://ec.europa.eu/commission/presscorner/detail/en/ip_23_5776

#2 EU agrees law to hit fossil fuel imports with methane emissions limit
The European Union reached a deal on Wednesday (November 15) on a law to place methane emissions limits on Europe’s oil and gas imports from 2030, pressuring international suppliers to clamp down on leaks of the potent greenhouse gas.

Negotiators from EU member states and the European Parliament agreed to impose “maximum methane intensity values” by 2030 on producers abroad sending fossil fuels into Europe, the council of the EU, which represents member states, said in a statement.

More info here: https://www.reuters.com/article/climate-change-eu-methane-idAFL1N3CG0BS

#3 United States and China reaffirm their commitment to work jointly and together with other countries to address the climate crisis
November 14 - Recalling the meeting between President Xi Jinping and President Joseph R. Biden in Bali, Indonesia, the United States and China reaffirm their commitment to work jointly and together with other countries to address the climate crisis.

The released statement reads:

The two countries will immediately initiate technical working group cooperation on policy dialogue, technical solutions exchanges, and capacity building, building on their respective national methane action plans to develop their respective methane reduction actions/targets for inclusion in their 2035 NDCs and support each country’s methane reduction/control progress.

Plus much more which can be read here: https://www.state.gov/sunnylands-statement-on-enhancing-cooperation-to-address-the-climate-crisis/

#4 JPMorgan Chase release The Methane Emissions Opportunity
The report features their “perspective on continuous improvement in managing methane and highlights eight elements, with best-in-class and positive actions for each one, that, in our view, companies in the Oil & Gas sector can consider taking to build on the progress already underway."

In the report, JPMorgan Chase state they are "proud to support clients in their efforts to reduce methane emissions and flaring as we continue to engage with the Oil & Gas sector throughout the low carbon transition.”

Read the report in full here: https://www.jpmorgan.com/content/dam/jpm/cib/complex/content/redesign-custom-builds/carbon-compass/JPMC_methane.pdf

#5 The Orphaned Wells Program : Understanding the Funding Allocation, Challenges & Environmental Impact
At the helm of The Orphaned Wells Program is Kimba Davis, Director of the Orphaned Wells Program Office, Department of the Interior. We (Industrial Decarbonization Network) recently sat down with Kimbra for an exclusive interview, in which she provides valuable insights on:

• The key drivers behind the Orphaned Wells Program:
  The program’s alignment with global environmental and energy policy goals
• The funding allocation process for setting up well plugging infrastructure
  The key challenges anticipated in implementing the program, and the plan to overcome them
• What success of the program looks like and the milestones we should expect to see over the coming years

Available to read in full here: https://www.industrialdecarbonizationnetwork.com/methane-mitigation/interviews/the-orphaned-wells-program-understanding-the-funding-allocation-challenges-environmental-impact

Interested in learning more?

If you’re looking to engage in active discussions on these updates, get hands-on with the latest technology to assist in reducing your methane emissions, or even showcase your technology, then join us at our upcoming Methane Mitigation Summits:

Methane Mitigation America Summit
December 5-7 2023 | Houston TX - View the agenda

Methane Mitigation Europe Summit
12-14 February 2024 | Amsterdam, NL - View the agenda