Methane Emissions Plummet in Permian Basin: Positive Impact on the Environment and Economic Growth – Artesia Daily Press

By Missi Currier

Exciting news has emerged from the oil and gas sector! A recent study by S&P Global Commodity Insights shows that methane emissions in the Permian Basin dropped by 26% in 2023. This isn’t just a positive step for the environment but a clear sign that the industry can adapt and improve.

Methane is a powerful greenhouse gas, and efforts to cut down its emissions are crucial. To put this latest reduction into perspective: the drop in emissions from the Permian Basin is equal to the yearly carbon emissions avoided by every electric vehicle (EV) on the road in the U.S. This highlights the significant role the oil and gas sector plays in tackling climate change.

The S&P analysis utilized nearly 700 aerial surveys and advanced observation techniques, providing a precise estimate of methane emissions in the region. The results show a decline of over 34 billion cubic feet of methane, translating to 18.5 million tons of carbon dioxide emissions avoided. Remarkably, this reduction surpasses the total driving emissions saved by every EV sold in America, even if all were running on 100% clean energy.

This achievement is particularly impressive considering oil and gas production in the Permian Basin actually increased during this time. Methane intensity, which measures the ratio of emissions to output, saw a decline of over 30%. This successful strategy verifies that producers can boost output while cutting emissions, ensuring consumers continue to have access to affordable energy.

The drop in emissions comes from advancements in technology and better equipment. Tools like AI analysis, ground sensors, aircraft surveys, and satellites have significantly improved how leaks are detected. Kevin Birn, head of the Center for Emissions Excellence at S&P, noted that remote sensing technologies are enhancing our understanding of U.S. methane emissions.

The financial upside for oil and gas companies is evident. Capturing and selling fugitive methane often brings in more money, even when natural gas prices are lower. Raoul LeBlanc from S&P highlighted that as technology evolves and regulations shift, companies will continue to find ways to economically address methane emissions.

The success of the Permian Basin can inspire the broader industry. It proves that with the right tools and a commitment to improvement, we can make significant strides in reducing greenhouse gases. This journey is beneficial not only for the planet but also for the industry and the communities that rely on energy resources.

Moving forward, it is vital to keep supporting and investing in technologies that have led to this progress. Fighting climate change requires cooperative effort, and the oil and gas sector is pivotal in this mission. By continually innovating and lowering emissions, we can work towards a sustainable future for everyone.

Missi Currier is president of the New Mexico Oil and Gas Association; Jim Winchester is president of the Independent Petroleum Association of New Mexico; Ben Shepperd is president of the Permian Basin Petroleum Association.