Alongside Nigeria, the Russian Federation, the Islamic Republic of Iran, Iraq, the United States, the Bolivarian Republic of Venezuela, Algeria, and Libya contribute to 75% of the world’s flared gas. Over 60 countries comprise the remaining 25 per cent of global gas flare volumes.
According to the report, these countries produce 46% of the world’s oil, yet their gas-flaring practices remain a significant environmental concern.
In 2023, global gas flaring at upstream oil and gas facilities increased by 9 billion cubic meters (bcm), rising from 139 bcm in 2022 to 148 bcm in 2023, marking a 7 per cent increase.
Meanwhile, oil production rose by just 1 per cent, resulting in a 5 per cent increase in the global average flaring intensity, which is the amount of gas flared per barrel of oil produced.
The market value of gas flared in 2023
At the current price of gas, the potential market value of the overall amount of gas flared in 2023 could have been between $9 billion and $48 billion. Eliminating gas flaring would avert at least 381 million tonnes of carbon dioxide equivalent emissions being released into the atmosphere each year
Last year’s report shared the considerable success in countries like the United States and Angola, and this year, sustained improvements in both Algeria and Venezuela were acknowledged.
In Algeria, flaring was reduced by 5 per cent and flaring intensity decreased by 3 per cent. However, the increases in gas flaring in 2023 have far outweighed these improvements.
The World Bank called for an urgent need to mobilize and renew political will and leadership, coupled with industry investments and improved practices across the world, to take critical action on several fronts.
It noted that substantial reductions in gas flaring and flaring intensity are achievable through effective partnerships and the creation of solutions to monetize associated gas.
Source link : https://africa.businessinsider.com/local/markets/nigeria-and-eight-other-countries-responsible-for-75-of-global-gas-flaring/dneyzvg
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Publish date : 2024-06-21 18:18:08
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