The American Petroleum Institute (API) has updated its 20-year-old “foundational reference” for oil and natural gas operators to use in reporting greenhouse gas (GHG) emissions
The newly unveiled fourth edition of the Compendium of GHG Emissions Methodologies for the Natural Gas and Oil Industry includes expanded methodologies for liquefied natural gas, as well as carbon capture, utilization and storage. Moreover, the industry trade association said the revised resource includes a climate-related reporting template initially unveiled earlier this year.
Where Does COP26 Fit In?
API’s Stephen Comstock, vice president of Corporate Policy, used the United Nations(UN) 26th Conference of the Parties, or COP26, as a backdrop for the latest reporting reference, first published in 2001.
During COP26, President Biden said the international community by 2030 could cut methane emissions by 30% or more. The Environmental Protection Agency (EPA) is seeking to stiffen methane emissions regulations for the oil and gas industry.
“As COP26 discussions continue, America’s natural gas and oil industry remains focused on driving progress on climate solutions, including enhanced GHG emissions reporting, while meeting the world’s growing energy demand,” said Comstock.
“Many companies have reported on GHG indicators for over 20 years, and we are committed to continuous improvement, including this comprehensive update of methodologies in the API compendium.”
Comstock noted that API updated the compendium with input from global members and stakeholders. He said it “reflects the industry’s leadership on sustainability issues and efforts to drive consistency and transparency in climate reporting.”
API noted that the methodology could be used by all oil and gas industry segments to consistently estimate direct GHG emissions through the value chain. The organization said the EPA and its peers in Australia, Canada, Mexico and Singapore use the reference.
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