Rhodium Group | Environmental Defense Fund
Based on the best currently available data, around 3.6 trillion cubic feet (Tcf) of natural gas escaped into the atmosphere in 2012 from global oil and gas operations. This wasted gas translates into roughly $30 billion of lost revenue at average 2012 delivered prices, and about 3% of global natural gas production.
Because the primary component of natural gas, methane, is an extremely potent greenhouse gas (GHG), methane leakage has important climate implications. Methane escaping from oil and gas operations totaled approximately 1,680 million metric tons of carbon dioxide equivalent (MtCO2e) in 2012, calculated based on methane’s 100-year global warming potential (GWP). If it were a country, oil and gas methane emissions would rank as the world’s seventh largest emitter, coming in just under Russia…