S&P Global(US:SPGI) Prnewswire·2025-07-24 11:00Core Insights - The Permian Basin has seen a significant decline in methane emissions intensity, dropping by over 50% from 2022 to 2024 due to improved operations and advanced technologies [1][6][10] - In 2024, the methane emissions intensity for upstream oil and gas operations was recorded at 0.44% per barrel of oil equivalent, marking a 29% reduction from the previous year [2][5] - Absolute methane emissions in 2024 decreased by 21.3 billion cubic feet, equivalent to avoiding 11.1 million tons of carbon dioxide emissions [2][3] Emissions Data - Since the end of 2022, total methane emissions have declined by 55.2 billion cubic feet, which corresponds to avoiding 28.8 million tons of carbon dioxide emissions [3][9] - The analysis utilized over 500 high-resolution aerial surveys covering 90% of the Permian Basin's production, providing a comprehensive estimate of methane emissions [3][10] Technological Advancements - The reduction in emissions is attributed to advancements in equipment and the deployment of new technologies, including AI-driven analysis and on-the-ground sensors [6][7] - Methane emissions management is becoming a standard part of field operations, with operators increasingly using AI and machine learning for emissions detection and prevention [7][8] Economic Context - Despite the significant emissions reductions, the commercial value of gas in the region remains low, with an average spot market price of $0.02 in 2024 [5] - The economic loss from fugitive emissions was only 0.002% of total hydrocarbon revenues in 2024, indicating a minimal financial impact from the emissions [5] Data Quality and Measurement - Access to reliable methane data is crucial for benchmarking and allowing companies to differentiate themselves in emissions management [4][6] - The observed emissions data is derived from approximately 529 survey flights conducted over 175 days in 2024, providing high-resolution measurements [11][12]