Despite the support that the coffers of oil-producing countries around the world receive due to rising current oil prices, another source of income could be added to those billions if these countries adopt strategies to exploit the volatility of gas in the country. ‘air.
Oil producing countries lose tens of billions of dollars annually due to the combustion of natural gas produced during oil extraction.
With the price of natural gas in more than 4-fold increase, accelerating these countries to adopt the technology to benefit from the gas increase instead of burning it will save them a lot of money and even follow international estimates that volatile gas could be enough to illuminate the countries of the Sub-Saharan Africa.
The latest estimates indicate that gas-producing countries can provide additional resources of $ 82 billion annually if they exploit the combustion of gas in the air during the oil extraction process, according to Global Data seen by Al Arabiya.net.
Gas flaring refers to the burning of natural gas associated with the extraction of oil and occurs due to a number of problems ranging from market and economic constraints and barriers to the lack of proper regulation and political will.
This practice translates in a range of pollutants released into the atmosphere, including carbon dioxide, methane and carbon black (soot).
Methane emissions from gas flaring contribute most to global warming in the short and medium term, because methane is more than 80 times more potent on the climate than carbon dioxide in a period of 20 years.
According to World Bank data, Russia, Iraq, Iran, the United States, Algeria, Venezuela and Nigeria are the seven countries with the most gas flaring for nine consecutive years, since the first satellite was launched in 2012 to track gas flaring.
These seven countries produce 40% of the world’s oil annually, but account for about two-thirds of 65% of gas flaring in Worldwide.
Although Saudi Arabia is the largest oil exporter in the world and one of the largest producers, its gas flaring rate is limited and Aramco has joined the initiative to “completely stop spontaneous gas flaring by 2030”.
Aramco has reduced gas flaring at a steady rate of less than 1% of its total raw gas production.
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