Oil & Gas - Overview
The Oil & Gas industries provide significant opportunities for the reduction of greenhouse gas (GHG) emissions in both production and transportation activities. Most activity under the United Nations Clean Development Mechanism (CDM) has related to gas flaring reduction. When crude oil is brought to the surface, it releases gas components of different hydrocarbons, which is known as associated gas and this excess associated gas is disposed of by venting or flaring it. The flared or vented gas could be used for more productive purposes, such as for power generation, production of LPG or dry gas, or to be re-injected into the reservoir (see below). The National Oceanic and Atmospheric Administration (NOAA) calculates that worldwide, oil producers flare or torch up to 150 billion cubic meters of natural gas per year (this gas would have a market value in the U.S. of approximately $40B). It is no surprise that there are a number of CDM projects underway to reduce or better utilize this waste. The average fugitive emissions project approved by the UNCC as of September, 2007 was projected to provide over 500,000 CER’s per year, which would be worth $10M euros annually at today’s trading rate.
(source: UNEP Risoe CDM/JI Pipeline Analysis and Database, September 2007)
As one of the pioneers in the production and sale of GHG reduction offsets, TurboGreen is ready to partner with your organization to assess the viability of your existing assets to capitalize on the opportunities available through the United Nations CDM. By engaging our worldwide team of project and technical experts, and those of our premier channel partners, TurboGreen can offer you turn-key carbon revenue development projects. We are experienced in every aspect of the process, from project definition and financing, to project management, third party auditing and monetization of approved credits once issued.