focusIR May 2024 Investor Webinar: Blue Whale, Kavango, Taseko Mines & CQS Natural Resources. Catch up with the webinar here.

Less Ads, More Data, More Tools Register for FREE

Pin to quick picksBP Share News (BP.)

Share Price Information for BP (BP.)

London Stock Exchange
Share Price is delayed by 15 minutes
Get Live Data
Share Price: 496.95
Bid: 490.00
Ask: 510.00
Change: 0.00 (0.00%)
Spread: 20.00 (4.082%)
Open: 0.00
High: 0.00
Low: 0.00
Prev. Close: 496.95
BP. Live PriceLast checked at -

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

RPT-INSIGHT-Satellites reveal major new gas industry methane leaks

Fri, 26th Jun 2020 12:39

(Repeats with added graphic, no changes to text)

* GRAPHIC-Global methane intensity: https://tmsnrt.rs/318gDAX

* Methane emission estimates by country: https://tmsnrt.rs/2Yx4aou

* GRAPHIC-Russian methane emissions estimates: https://tmsnrt.rs/3ex9wG7

* GRAPHIC-Sources of Russian methane: https://tmsnrt.rs/2Z0ZO8p

By Shadia Nasralla

LONDON, June 26 (Reuters) - Last fall, European Space Agency
satellites detected huge plumes of the invisible planet-warming
gas methane leaking from the Yamal pipeline that carries natural
gas from Siberia to Europe.

Energy consultancy Kayrros estimated one leak was spewing
out 93 tonnes of methane every hour, meaning the daily emissions
from the leakage were equivalent to the amount of carbon dioxide
pumped out in a year by 15,000 cars in the United States.

The find, which has not been reported, is part of a growing
effort by companies, academics and some energy producers to use
space-age technology to find the biggest methane leaks as the
potent heat-trapping gas builds up rapidly in the atmosphere.

Kayrros, which is analysing the satellite data, said another
leak nearby was gushing at a rate of 17 tonnes an hour and that
it had informed Yamal's operator Gazprom about its
findings this month.

Gazprom did not immediately respond to requests for comment
about the leaks identified by Kayrros.

Up to now, estimates of greenhouse gas emissions from
industries have relied mainly on paper-based calculations of
what's pouring out of tailpipes and smokestacks, based on the
amount of energy consumed by people and businesses.

But as satellite technology improves, researchers are
starting to stress test the data - and the early results show
leaky oil and gas industry infrastructure is responsible for far
more of the methane in the atmosphere than previously thought.

Such a revelation would heap pressure on energy companies –
already targeted by climate activists and investors for their
contribution to carbon dioxide emissions - to find and plug
methane leaks.

The new satellite discoveries of methane leaks could also
lead to more stringent regulatory regimes targeting natural gas,
once seen as a "clean" fossil fuel, as governments seek to
combat climate change, experts say.

While scientists generally agree that calculating emissions
based on consumption works well for carbon dioxide, it is less
reliable for methane, which is prone to unexpected leaks.

Methane is also 80 times more potent during its first 20
years in the atmosphere and scientists say that identifying
methane sources is crucial to making the drastic emissions cuts
needed to avoid the worst impacts of climate change.

"What this now shows is that the avoidance of that fossil
leakage actually can have a larger impact than what was
anticipated earlier," said Imperial College London climate
scientist Joeri Rogelj, who is one of the authors for reports by
the Intergovernmental Panel on Climate Change (IPCC).

PIVOTAL DISCOVERY

A study in February's Nature magazine reinforced the idea
that the oil and gas industry produces far more methane than
previously thought as it suggested emissions of the gas from
natural causes have been significantly overestimated.

The findings don't let farming off the hook - it's still
responsible for a quarter of the methane in the atmosphere - but
they suggest mud volcanoes and natural oil and gas seepages have
been taking some of the heat for the energy industry's leaks.

Some big oil and gas companies such as BP and Royal
Dutch Shell are tackling the issue by investing in
satellite companies or signing monitoring deals so they can find
and plug their leaks and stick to pledges to slash emissions.

The push to detect emissions from the sky began when U.S.
advocacy group Environmental Defense Fund (EDF) and universities
including Harvard used aerial measurements to show methane leaks
from America's oil and gas heartland were 60% above inventories
reported to the U.S. Environmental Protection Agency.

That 2018 report was pivotal, said Christophe McGlade, a
senior researcher at the International Energy Agency (IEA).

"What they found from actual ground and aerial measurements
is that the engineering-based approach can really underestimate
total emissions," he said. "Maybe if emissions were higher in
the United States than previous estimates, maybe they were
higher in other parts of the world too?"

A year later, Canadian greenhouse gas monitoring company
GHGSat found another major leak at pipeline and compressor
infrastructure near the Korpezhe field in Turkmenistan.

In an October report, GHGSat estimated the leak released
142,000 tonnes of methane in the 12 months to the end of January
2019 and said then it was the biggest on record.

GHGSat said the leak was plugged in April 2019 after state
oil company Turkmen Oil was notified. Turkmen Oil officials
could not be reached for comment. The company declined to
comment when asked about it in November.

"That one emission that we found together represents about
one million cars taken off the road per year," said GHGSat
founder Stephane Germain.

Now, the more recent Kayrros discovery has added to the
evidence that undetected methane leaks from the energy industry
are a global issue – and a major one.

RUSSIA IN THE SPOTLIGHT

Kayrros said its analysis of the satellite data showed
concentrations of methane around compressor stations along the
pipeline linking Russian gasfields to Europe.

The Yamal-Europe pipeline stretches 2,000 km (1,250 miles)
from Germany through Poland and Belarus to Russia where it joins
the 2,200 km SRTO–Torzhok pipeline to Siberia's gasfields.

Gazprom estimated that about 0.29% of the 679
billion cubic metres of gas it moved through its pipeline
network escaped as methane emissions in 2019. Yamal has an
annual capacity of about 33 billion cubic metres.

"These figures correspond to the best global practices,"
Gazprom said in a June 10 statement about its emissions.

Kayrros also discovered leaks from oil and gas installations
in the Sahara Desert in North Africa.

"Early results show that the estimates we have been relying
on for the last years and decades are probably too low and we're
finding more methane coming out of various industries and
regions than we thought was the case," said Christian Lelong,
director for natural resources at Kayrros.

McGlade said the IEA increased the projected contributions
of several countries in central Asia and North Africa in its
Methane Tracker this year because of the satellite detections.

He singled out Russia as one country where official methane
emissions estimates were likely too low.

According to current IEA estimates of methane emitting
countries, Russia is closely followed by the United States, with
other large oil and gas producers such as Iraq, Iran and Saudi
Arabia further down the list.

"Our estimates suggest that Russia is actually among the
higher emitters globally. There does appear to be evidence from
satellites of leaks along some of its large gas pipeline
routes," McGlade said.

The Kremlin did not immediately respond to requests for
comment about the IEA estimates.

MORE SATELLITES

The scrutiny from space is set to intensify. GHGSat aims to
launch two new satellites this year while the EDF advocacy group
plans to launch its own satellite in 2022.

The U.S. National Aeronautics and Space Administration
(NASA) is also working on a satellite monitoring programme for
greenhouse gas emissions, specifically in the United States.

Shell signed a deal with GHGSat last year to work towards
covering its sites globally, saying it hopes to get its methane
leakage rate down to 0.2%, or below, by 2025.

BP is planning to cover its sites with constant measurements
by 2023 and invested $5 million this month in Satelytics, an
analytics firm that tracks methane emissions using satellites.

BP, Shell and U.S. non-profit EDF - along with Eni,
Total, Equinor and Wintershall Dea - sent
policy recommendations to the European Union in May, asking the
world's biggest gas importer to standardise the gathering of
methane emissions data by 2023, using satellite technology.

U.S. oil companies have also been exploring ways to detect
methane emissions, said Howard Feldman, senior director for
regulatory and scientific affairs at the American Petroleum
Institute.

Exxon Mobil Corp, for example, said this year it was
field testing eight detection methods, including satellites and
aerial surveillance with drones, helicopters and planes.

(Additional reporting by Vladimir Soldatkin; Editing by Richard
Valdmanis, David Clarke and Jon Boyle)

More News
13 Dec 2023 19:00

BP Energy wins oil auction for Brazil's Tupinamba block

RIO DE JANEIRO, Dec 13 (Reuters) - BP Energy on Wednesday won the auction for oil and gas production rights of the offshore block of Tupinamba in Brazil's Santos Basin.

Read more
13 Dec 2023 17:04

TOP NEWS: Ex-BP boss Looney to forfeit GBP32 million after misconduct

(Alliance News) - BP PLC on Wednesday said former Chief Executive Bernard Looney has been dismissed without notice after concluding he had "knowingly misled the board".

Read more
13 Dec 2023 11:00

EV charger station firms battle for prime locations in Europe, US

LONDON/DETROIT, Dec 13 (Reuters) -

Read more
13 Dec 2023 09:15

LONDON BROKER RATINGS: Exane BNP cuts Shell; JPMorgan cuts WPP

(Alliance News) - The following London-listed shares received analyst recommendations Wednesday morning:

Read more
13 Dec 2023 08:56

LONDON MARKET OPEN: Stocks in green as all eyes on US Fed

(Alliance News) - Stock prices in London opened higher on Wednesday, despite some disappointing data about the UK economy, as well as pre-central bank decision nerves.

Read more
13 Dec 2023 06:00

EV charger station firms battle for prime locations in Europe, US

LONDON/DETROIT, Dec 13 (Reuters) -

Read more
12 Dec 2023 22:37

Shell to boost production at Perdido's oil project in US Gulf of Mexico

Dec 12 (Reuters) - Shell PLC on Tuesday said it has made a final investment decision (FID) to boost production at the Perdido oil project in the U.S. Gulf of Mexico, starting in April 2025.

Read more
12 Dec 2023 16:55

LONDON MARKET CLOSE: Europe rally loses steam as focus turns to Fed

(Alliance News) - London's FTSE 100 spent most of the day solidly in the green, and the CAC 40 in Paris spiked to a record high, though Tuesday's rally waned and signs of caution emerged again ahead of a trio of central bank decisions.

Read more
12 Dec 2023 15:50

UK dividends calendar - next 7 days

Wednesday 13 December 
no events scheduled 
Thursday 14 December 
Associated British Foods PLCspecial ex-dividend payment date
Associated British Foods PLCex-dividend payment date
Baltic Classifieds Group PLCex-dividend payment date
Barings Emerging EMEA Opportunities PLCex-dividend payment date
BlackRock Energy & Resources Income Trust PLCex-dividend payment date
Burberry Group PLCex-dividend payment date
Caffyns PLCex-dividend payment date
Chelverton UK Dividend Trust PLCex-dividend payment date
Cranswick PLCex-dividend payment date
Crystal Amber Fund Ltdex-dividend payment date
discoverIE Group PLCex-dividend payment date
DS Smith PLCex-dividend payment date
Ferguson PLCex-dividend payment date
Fuller, Smith & Turner PLCex-dividend payment date
Halfords Group PLCex-dividend payment date
ICG-Longbow Senior Secured UK Property Debt Investments Ltdex-dividend payment date
Impellam Group PLCex-dividend payment date
JPMorgan Global Emerging Markets Income Trust PLCex-dividend payment date
Mitie Group PLCex-dividend payment date
Murray Income Trust PLCex-dividend payment date
Northamber PLCex-dividend payment date
Personal Assets Trust PLCex-dividend payment date
Polar Capital Holdings PLCex-dividend payment date
Redde Northgate PLCex-dividend payment date
Residential Secure Income PLCex-dividend payment date
Sirius Real Estate Ltdex-dividend payment date
Templeton Emerging Markets Investment Trust PLCex-dividend payment date
Town Centre Securities PLCex-dividend payment date
TR Property Investment Trust PLCex-dividend payment date
Triad Group PLCex-dividend payment date
Tritax EuroBox PLCex-dividend payment date
Vertu Motors PLCex-dividend payment date
Friday 15 December 
Airtel Africa PLCdividend payment date
Asia Dragon Trust PLCdividend payment date
Craneware PLCdividend payment date
Games Workshop Group PLCex-dividend payment date
Gattaca PLCspecial dividend payment date
Gattaca PLCdividend payment date
GCP Asset Backed Income Fund Ltddividend payment date
Hargreaves Lansdown PLCdividend payment date
Henderson Opportunities Trust PLCdividend payment date
J Sainsbury PLCdividend payment date
James Halstead PLCdividend payment date
Kainos Group PLCdividend payment date
Lancashire Holdings Ltdspecial dividend payment date
Pershing Square Holdings Ltddividend payment date
Scottish American Investment Co PLCdividend payment date
Scottish Mortgage Investment Trust PLCdividend payment date
ScS Group PLCdividend payment date
Telecom Plus PLCdividend payment date
Triple Point Social Housing REIT PLCdividend payment date
Urban Logistics REIT PLCdividend payment date
Utilico Emerging Markets Trust PLCdividend payment date
Wincanton PLCdividend payment date
Witan Investment Trust PLCdividend payment date
Monday 18 December 
Atrato Onsite Energy PLCdividend payment date
CT UK Capital & Income Investment Trust PLCdividend payment date
New Star Investment Trust PLCdividend payment date
Tuesday 19 December 
BP PLCdividend payment date
Softcat PLCdividend payment date
Volution Group PLCdividend payment date
  
Copyright 2023 Alliance News Ltd. All Rights Reserved.

Read more
12 Dec 2023 02:00

UK companies pause China investment decisions as economy slows, survey shows

BEIJING, Dec 12 (Reuters) - A slowdown in both the Chinese and global economies is the biggest issue affecting British firms in the world's second-largest economy, beating geopolitical concerns and market access barriers, according to the British Chamber of Commerce in China.

Read more
11 Dec 2023 09:41

Gunvor to acquire BP's 75% stake in Spanish gas power plant

BRUSSELS, Dec 11 (Reuters) - Energy trader Gunvor has agreed to acquire a 75% stake in 785 megawatt (MW) power plant in Bilbao, Spain, from BP gas marketing, a joint statement said on Monday.

Read more
11 Dec 2023 09:13

Energy trader Gunvor to acquire 75% stake in Spanish power plant

BRUSSELS, Dec 11 (Reuters) - Energy trader Gunvor has agreed to acquire a 75% stake in 785 megawatt (MW) power plant in Bilbao, Spain, from BP gas marketing, Gunvor said on Monday.

Read more
7 Dec 2023 14:04

BP's share price undervalues its potential, says RBC

(Sharecast News) - RBC Capital Markets has reiterated its 'outperform' rating on BP, saying that energy giant's current share price is undervaluing the business.

Read more
7 Dec 2023 10:16

LONDON BROKER RATINGS: JPMorgan lowers IAG; Exane BNP cuts Vodafone

(Alliance News) - The following London-listed shares received analyst recommendations Thursday and Wednesday:

Read more
7 Dec 2023 09:09

LONDON MARKET OPEN: FTSE 100, 250 open lower but M&A impetus elsewhere

(Alliance News) - Stock prices in London opened largely lower on Thursday, while equities in Asia struggled after China trade data underwhelmed, while UK house prices rose for the second month in a row according to Halifax.

Read more

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.