LNG player BG Group said it is supporting the World Bank ‘Zero Routine Flaring by 2030’ initiative to eliminate routine gas flaring at operated oil production sites.
The initiative has been endorsed by nine countries, ten oil companies and six development institutions.
It was launched last week by United Nations Secretary-General, Ban Ki-moon and World Bank Group President, Jim Yong Kim. They were joined by the Royal Dutch Shell Chairman, Statoil CEO, Norwegian Foreign Minister, Gabonese Minister of Petroleum, and several other senior government and corporate officials, and representatives of international development banks.
The endorsers collectively represent more than 40% of global gas flaring. Currently natural gas produced together with oil is flared for a variety of technical, regulatory, and economic reasons, or because its use isn’t given high priority.
Natural gas is a versatile, low-carbon fossil fuel. Using this associated gas as fuel, instead of burning it, can contribute to a lower-carbon energy mix if it is used to displace higher carbon sources such as coal.