Azerbaijan included in WB`s Global Gas Flaring Reduction program
Baku, November 11 (AZERTAC).The European Bank for Reconstruction & Development (EBRD) is joining forces with the World Bank-led Global Gas Flaring Reduction (GGFR) partnership to help governments in Azerbaijan, Kazakhstan, Russia and Turkmenistan introduce energy efficiency measures to improve business competitiveness and environmental standards in oil and gas operations.
The WB reports that in collaboration with various oil and gas companies, the EBRD and the World Bank’s GGFR partnership will manage a ground-breaking market study designed to assess gas venting and flaring operations on about 100 oil sites spread across the four countries and identify the main obstacles that hinder the further utilization of associated gas. In addition, the study will analyze current legal and regulatory frameworks and look into market, infrastructure and financing barriers.
Global gas flaring, estimated last year at 134 billion cubic meters (bcm), is not only a significant waste of a useful energy resource, but it also accounts for some 360 million tons of greenhouse gas emissions globally. According to latest satellite data, over 40 bcm of this associated gas.
The study, with a total estimated cost of €1 million is financed by the EBRD’s Shareholder Special Fund. The study results will be made public next year at a number of workshops and presentations, which will include the participation of oil companies, foreign and local manufacturers of the necessary equipment, government officials, regulators and other relevant organizations.
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