Global Gas Flaring Tracker Report

Investment Rating - The report does not explicitly provide an investment rating for the gas flaring industry Core Insights - Global gas flaring increased by 7 percent in 2023, reaching an estimated 148 billion cubic meters, reversing the reduction seen in 2022 and marking the highest volume in five years [22][37] - The increase in flaring intensity, which rose by 5 percent, indicates that global efforts to reduce gas flaring have not been sustainable, necessitating urgent action to achieve Zero Routine Flaring by 2030 [37][44] - The top nine flaring countries, including Russia, Iran, and the United States, are responsible for 75 percent of global gas flaring while only accounting for 46 percent of global oil production [37][57] Summary by Sections Key Findings - In 2023, global gas flaring increased by 9 billion cubic meters from 139 billion cubic meters in 2022, with a potential market value of flared gas estimated between $9 billion and $48 billion [37][40] - Eliminating gas flaring could prevent at least 381 million tonnes of carbon dioxide equivalent emissions annually [37] - The largest increases in flaring occurred in Iran, Russia, the United States, and Libya, which together accounted for 9 billion cubic meters of additional flaring [44][63] Global Perspective - The report highlights that gas flaring at upstream oil and gas facilities increased from 139 billion cubic meters in 2022 to 148 billion cubic meters in 2023, marking a significant reversal in trends [52][53] - The methodology for estimating flare gas volumes is based on satellite data, which has been refined over the years to improve accuracy [51] Spotlight Countries - In the Islamic Republic of Iran, gas flaring increased by 3.2 billion cubic meters (19 percent) in 2023, while Libya saw a 1.4 billion cubic meter (25 percent) increase [65][66] - Russia experienced an 11 percent increase in flaring despite a decrease in oil production, indicating systemic issues in gas recovery infrastructure [73][74] - The United States saw a 1.7 billion cubic meter (21 percent) increase in flaring, primarily in shale-producing regions, highlighting the need for better management of gas infrastructure [79][90] Case Studies - Algeria achieved a 5 percent reduction in flaring volumes due to successful flare gas recovery projects, demonstrating the potential for improvements in gas utilization [94][95]