Egypt has made great progress in converting oil extraction emissions into natural gas exports instead of gas flaring, which shored up the country’s exports of liquefied natural gas (LNG) to the European Union (EU), the Middle East News Agency (MENA) reported on May 2nd, citing a report by the World Bank.
The report highlighted that the volume of flared emissions has slipped by 3% to 139 billion cubic meters worldwide, reaching its lowest level since 2010.
It also showed that gas flaring intensity decreased across the globe to its lowest, given the increase in oil production by 5% in 2022.
In 2022, Russia, Iraq, Iran, Algeria, Venezuela, the United States, Mexico, Libya, and Nigeria were the top nine largest flaring countries.
Flared gases resulted in the emergence of 357 million tons of carbon dioxide (CO2) equivalent emissions, 315 million tons of CO2, 42 million tons of methane, the report added.
Copyright © 2022 Arab Finance Brokerage Company All rights reserved. Provided by SyndiGate Media Inc. (Syndigate.info).