S&P Global(SPGI) Prnewswire·2024-12-23 13:00Core Insights - Annual methane emissions from oil and gas production in the Permian Basin decreased by 26% in 2023 compared to the previous year, equating to the carbon emissions avoided by every electric vehicle in the U.S. that year [1][24] - The reduction in methane emissions is attributed to advancements in equipment and the deployment of new technologies, including AI-driven data analysis and enhanced leak detection methods [3][13] - The Permian Basin, responsible for nearly half of U.S. oil output, has shown significant progress in reducing emissions while increasing overall production [2][27] Emission Reduction Details - The 2023 methane intensity for the Permian Basin was recorded at 0.63% of total production, with a notable 33% decrease in methane emissions as a percentage of total natural gas output [4][13] - The total reduction in methane emissions amounted to over 34 billion cubic feet, equivalent to 18.5 million tons of carbon dioxide emissions avoided [24] - Methane emissions accounted for only 0.12% of upstream revenues in 2023, reflecting a 70% drop from the previous year due to falling gas prices [19] Technological Advancements - The analysis utilized data from approximately 700 survey flights conducted over 185 days, providing high-resolution observations that enhance the accuracy of emissions estimates [6][11] - Remote sensing technologies have improved the detection of leaks, allowing for quicker responses to emissions that previously could persist for extended periods [13][19] - The ability to detect emissions as low as 10 kg/hr accounts for over 72% of total methane released from upstream operations [15] Industry Impact - The improvements in emissions management are expected to yield positive returns for oil and gas operators, even in a lower natural gas price environment [14][19] - The ongoing advancements in technology and data analytics are crucial for operators to evaluate spending on methane emissions reduction effectively [25]