Methane Emissions Reduction – A Collaborative Approach

Mr McCrory stressed that positive action is happening on methane abatement, evidenced by the 10% decline in global average methane intensity in the upstream oil and natural gas industry since 2019, and that improvement is being driven by the expansion of existing corporate sustainability and asset integrity programmes and the systematic alignment of MRV programmes with internationally accepted standards like OGMP 2.0.

As there is also industry alignment around and support for effective methane-abatement regulatory measures to drive transparent and credible data, monitoring, reporting and verification, and to achieve these shared objectives, regulatory requirements should be designed around how Gas is actually produced, transported and traded.

Mr McCrory argued that "one-size-fits-all regulation is unlikely to be successful given the diverse circumstances facing different regions and infrastructure locations. Additionally, time will be required to make compliance methodologies available before related obligations or penalties become enforceable, giving suppliers and buyers sufficiently clear rules and transition arrangements to make long-term commitments and ensure that Gas continues to be delivered seamlessly to where it is needed the most."