World Bank-Led Global Gas Flaring Reduction Partnership to Hold Forum on Best Practices in Gas Utilization

20 November 2008: The World Bank-led Global Gas Flaring

Reduction partnership (GGFR) will organize a forum to look for ways of

unlocking the value of wasted gas associated with oil production.

The Global

Forum on Flaring Reduction and Natural Gas Utilization, to be held in

Amsterdam, the Netherlands, from 4-5 December 2008, will review the regulatory

and commercial barriers that lead to natural gas flaring and venting, and will

highlight best practices and case studies of operations that have been able to

overcome barriers to gas utilization. It will also provide, for the first time,

an opportunity to look at emerging technologies for the utilization of flared

gas. The GGFR partnership estimates that globally at least 150 billion cubic

meters (bcm) of gas are flared or burned every year, causing about 400 million

tons of carbon dioxide in annual emissions.

The US Environmental Protection

Agency estimates that over 100 bcm of methane is vented or lost through

fugitive methane emissions in the oil and gas sector each year. As methane is

21 times as potent a greenhouse gas as carbon dioxide, this adds the equivalent

of over one billion tons of carbon dioxide annually. Altogether, this is more

than twice the potential yearly emission reduction from projects currently

submitted under the Kyoto mechanisms.

With the support of the US Environmental

Protection Agency's Natural Gas STAR Program, Methane to Markets Partnership,

and the International Association of Oil & Gas Producers (OGP), as well as

major oil producing countries and companies, the Organization of the Petroleum

Exporting Countries Secretariat and the EU, the event will provide the venue

for a dialogue among stakeholders for the sharing of best practices, and

potential business opportunities. [World

Bank Press Release]