With 189 member countries, deutsche bank alternative investment survey 2017 pdf from more 170 countries, and offices in over 130 locations, the World Bank Group is a unique global partnership: five institutions working for sustainable solutions that reduce poverty and build shared prosperity in developing countries. The World Bank Group works in every major area of development. We provide a wide array of financial products and technical assistance, and we help countries share and apply innovative knowledge and solutions to the challenges they face. We face big challenges to help the world’s poorest people and ensure that everyone sees benefits from economic growth.
Data and research help us understand these challenges and set priorities, share knowledge of what works, and measure progress. Egyptian government announced it is joining a global effort to reduce gas flaring at oil production sites around the world. Initiative endorsers: GGFR and GIF join forces to finance prefeasibility and feasibility studies for monetization of flare gas at oil production sites. Latin American Energy Organization will provide technical assistance to countries and encourage them to join Initiative.
Initiative, committing to not routinely flare associated gas in any new oil fields and will work to end routine flaring in existing oil fields no later than 2030. The national oil company has already begun looking for viable technology and solutions to end flaring at over 60 oil production sites around the country. The company endorsed the World Bank’s “Zero Routine Flaring by 2030” initiative and said it expects to cut flaring significantly and reduce CO2 emissions through the use of innovative technology. During oil production, associated gas is produced from the reservoir together with the oil.
Flaring of gas contributes to climate change and impacts the environment through emission of CO2, black carbon and other pollutants. It also wastes a valuable energy resource that could be used to advance the sustainable development of producing countries. World Bank, brings together governments, oil companies, and development institutions who recognize the flaring situation described above is unsustainable from a resource management and environmental perspective, and who agree to cooperate to eliminate routine flaring no later than 2030. The Initiative pertains to routine flaring and not to flaring for safety reasons or non-routine flaring, which nevertheless should be minimized.
Routine flaring of gas is flaring during normal oil production operations in the absence of sufficient facilities or amenable geology to re-inject the produced gas, utilize it on-site, or dispatch it to a market. Venting is not an acceptable substitute for flaring. Governments that endorse the Initiative will provide a legal, regulatory, investment, and operating environment that is conducive to upstream investments and to the development of viable markets for utilization of the gas and the infrastructure necessary to deliver the gas to these markets. This will provide companies the confidence and incentive as a basis for investing in flare elimination solutions.
Oil companies that endorse the Initiative will develop new oil fields they operate according to plans that incorporate sustainable utilization or conservation of the field’s associated gas without routine flaring. Oil companies with routine flaring at existing oil fields they operate will seek to implement economically viable solutions to eliminate this legacy flaring as soon as possible, and no later than 2030. Development institutions that endorse the Initiative will facilitate cooperation and implementation, and consider the use of financial instruments and other measures, particularly in their client countries. They will endeavor to do so also in client countries that have not endorsed the Initiative. Governments and oil companies that endorse the Initiative will publicly report their flaring and progress towards the Initiative on an annual basis. They also agree to the World Bank aggregating and reporting the same.
Initiative is for governments, oil companies, and development institutions to endorse, the World Bank encourages relevant industry organizations to participate as advocates and to help meet the Initiative’s objectives. In a letter to the World Bank, Latin America’s intergovernmental energy organization, OLADE, and its Executive Secretary Eng. Implementing the Initiative increases and sustains effective monetization of hydrocarbon resources. An endorsement sustains and underpins an exemplary practice already in place in your country, or sets in motion a process to ensure cleaner operations, reducing your country’s carbon footprint. Your government’s endorsement communicates to the world that despite an industry downturn, your country is a responsible oil producer with strong environmental stewardship. Your government’s endorsement demonstrates regional leadership and sets an example for others to follow, thereby impacting flaring practices in other countries. An endorsement of the Initiative supports implementation of your government’s NDC to the Paris Climate Agreement.