Good news for POS4 Dec 2023 07:24
Thanks to Paul Hill for the following:
#POS - Possible game changer for Plexus? Extracts below from a WSJ article published today.
"On Saturday, the Biden administration announced a final methane rule for U.S. oil and gas producers, requiring them to plug methane leaks and stop burning excess gas with flares. The regulations also mandate regular inspections of facilities to make sure the planet-warming compound isn’t escaping into the atmosphere.
Administration officials say the methane rule—which will be phased in over the next two years after two years of contentious debate—will cool the planet and improve public health. Industry groups say it will put some well owners out of business.
European Union officials used the same playbook, announcing proposed rules in November that would clamp down on methane emissions from production facilities, as well as requiring imports and exports to track and report methane beginning in 2027.
The EPA rule will require new wells to cap flares at production facilities that burn gas waste that the industry says isn’t economical to sell.”
“The EPA estimates the new methane rule will prevent 58 million tons of methane emissions from 2024 to 2038.” Methane is an odorless, colorless byproduct of oil and gas drilling operations. Once it reaches the atmosphere, methane is 86 times more potent than carbon dioxide at trapping the sun’s energy.
In addition to curbing climate-warming methane, the rule will also eliminate 6 million tons of unhealthful volatile organic compounds by 2038, along with 590,000 tons of toxic air pollutants like benzene and toluene.
BP America Chairman and President Orlando Alvarez said he welcomed the new methane rule and its application to existing oil and gas facilities. “A well-designed rule will help drive material methane emission reductions this decade and beyond,” Alvarez said.
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