News

World Bank Holds Global Forum on Flaring Reduction and Natural Gas Utilization

Global Gas Flaring Reduction Partnership

5 December 2008: A meeting of the Global Forum on Flaring Reduction and Natural Gas Utilization convened from 4-5 December 2008, in Amsterdam, the Netherlands. Led by the World Bank, the Global Gas Flaring Reduction partnership (GGFR) found evidence of a decline in global gas flaring, while calling for oil producing countries and companies to keep up the momentum and redouble efforts in gas flaring reduction to reduce greenhouse emissions.

Somit Varma, the World Bank Group's Director for Oil, Gas and Mining

and Chemicals, called on governments and companies “to realize the

value of this wasted resource.” Gas flaring deprives developing

countries of a cheaper and cleaner energy source as flared gas can be

used for power generation on-site, or as liquefied natural gas (LNG).

In Angola, for example, several GGFR partners will reduce 32 million

tons of carbon dioxide emissions in the next few years by gathering

flared gas from some 20 offshore fields to a new LNG plant. [World Bank Press Release] [GGFR Partnership Website]