Oil firms around the world saw gas flaring volumes hit a five-year high, reversing the reductions seen in the last two years.
Oil companies globally flared more natural gas last year, reversing reductions from the previous two years and sending gas flaring volumes to the highest in five years, the World Bank’s annual Global Gas Flaring Tracker Report showed on Thursday. The amount of gas flared worldwide rose by nine billion cubic meters bcm to 148 bcm last year, its highest level since 2019.
According to satellite data estimates analyzed by the World Bank, the top 9 largest flaring countries in 2023 were Russia, Iran, Iraq, the United States, Venezuela, Algeria, Libya, Nigeria, and Mexico. These countries accounted for about 75% of all gas flared and 46% of global oil production. “The increase in gas flaring is particularly disheartening as it comes after a long-overdue reduction in 2022.
Natural Gas Flaring Emissions Climate Environment Fossil Fuels
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