Carbon intensity of Permian oil wells seen plunging, Rystad says
By Bloomberg |
June 5, 2020, 6:50 a.m. |
Shale drillers will cut carbon dioxide-emissions intensity in the Permian Basin to a record low later this year, Rystad Energy estimates.
CO2 emissions from flares burning off excess natural gas will drop to an average or 4 to 5 kilograms (8.8 to 11 pounds) for every barrel of crude produced in the second half of this year, Rystad said. That compares to 8 kilograms in March.
The ratio will bottom out at an all-time low of 3.9 kilograms in November, the research firm said in a report Thursday.
Emissions intensity is a measure of how much greenhouse gas is burned off or allowed waft into the atmosphere for every barrel of oil pumped from wells. Flaring surged in the Permian region of Texas and New Mexico during the last decade as shale explorers drilled oil wells but had no way or price incentive to transport natural gas and other byproducts to markets.
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