Thanks to a decade of groundbreaking research, methane emissions from oil and gas operations have advanced from a relative afterthought among climate pollutants to an A-list issue in the global climate conversation, as well a widely acknowledged reputational, regulatory and financial liability for the industry.
Major investors are demanding responsible methane action from oil and gas companies. But assessing progress is challenging because of an overall lack of reliable data, and the fact that standards vary widely for the methane accounting that does exist.
Traditional estimates of methane from oil and gas production have been found to underestimate emissions by 60%. In certain oil and gas basins, studies have found emission rates to be more than 10 times higher than industry figures. Despite a growing number of voluntary reduction targets, reporting methods lack standards and transparency, making it virtually impossible to draw meaningful comparisons over time or across companies.
