The Race for Cleaner, Reliable, Affordable Energy
Leading companies are counting on gas as their path to global expansion. But major changes in the energy sector are rapidly shifting the competitive landscape. Low-cost renewables and the rise of energy storage mean gas may not be the cheaper, cleaner alternative many expect.
That’s one reason global investors representing $4.2 trillion in assets are calling on companies to improve their methane performance and better manage the long-term business risk.
This is sparking growing competition from within the oil and gas industry to strengthen market position and reputation through more effective environmental management.
Leading Energy Companies
are Acting on Methane
BP recently announced a stringent, quantitative methane reduction target. Shell, ExxonMobil, Qatar Petroleum and a host of other producers committed to continuously reduce methane emissions across the natural gas value chain.
Likewise, Equinor (formerly Statoil) and Shell are testing continuous digital monitoring technologies from the EDF/Stanford Mobile Monitoring Challenge that could introduce a new level of environmental protection and business efficiency.
Major oil service companies like Schlumberger are also advancing today’s methane detection technologies and product offerings to help industry better deal with this global challenge.
Governments are Setting Methane Standards
Practical methane rules are gaining momentum around the world. Some countries are reducing emissions as part of their Paris Commitments. The European Parliament is also developing a methane reduction strategy.
Recently, Canada became the first country to require a 40-45 percent methane reduction at new and operating oil and gas facilities nationwide. Mexico is expected to issue its national regulations later this year.
In the United States, several oil- and gas-producing states have implemented methane policies, including Colorado, where industry and environmental groups together developed rules that have reduced over 400,000 tons of methane emissions so far.