EU, UN-led pact commits oil and gas firms to tackle methane emissions

(Reuters, 23 Nov 2020) Methane has over 80 times heat-trapping potential of CO2 during its first 20 years in atmosphere and recent analysis suggests leaks from oil and gas sector are bigger than thought.

Dozens of oil and gas companies on Monday committed to report more accurately on and, ultimately, reduce emissions of the potent greenhouse gas methane which is liable to leak from oilfields and pipelines.

Oil majors such as BP, Royal Dutch Shell, Eni, Equinor and Total have signed up for the Oil and Gas Methane Partnership (OGMP) under the umbrella of the United Nations, the European Union and non-governmental organisation (NGO) the Environmental Defense Fund.

Methane has over 80 times the heat trapping potential of carbon dioxide during its first 20 years in the atmosphere and recent analysis of satellite data suggests leaks from the oil and gas sector are much bigger than initially thought. 

The new standard aims to deliver a 45 per cent reduction in the industry's methane emissions by 2025, and a 60-75 per cent reduction by 2030.

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Reuters, 23 Nov 2020: EU, UN-led pact commits oil and gas firms to tackle methane emissions