If you’re anything like me, you’ve looked back and wondered what you could have done during the ’20-’22 timeframe to position yourself even better than you are now. “Why didn’t I buy that energy stock in March ’20?” “Why didn’t I go all in on that non-op working interest in Eddy County?” Or, hopefully you’re asking, “how can I use this unlikely gift of living through COVID to inform my strategic thinking so that next time, I’m ahead of the game.” That one took me a little longer to settle on.
The exponential increase in flaring for economic reasons has become the prime mover in the current natural gas flaring discussion. For instance, from 2010 to 2019 the Texas Railroad Commission reported a 20X increase in flaring permit applications, going from approximately 300 in 2010 to 7000 in 2019. Those are big numbers, but data always needs to be kept in context. As of 2019 data, there were approximately 265,000 producing wells in the State of Texas. Against this total, the 7000 looks less staggering.
We previously covered the basics of flaring and venting, as well as took a look at where the US sits in regard to the rest of the world in terms of flared volumes. Now let’s take a deeper look at why we flare or vent in the first place.
Natural gas flaring is a topic that captured everyone’s attention over the past few years, and with good reason. Estimates vary, but here are a few numbers that seem to grab everyone’s attention:
San Antonio, December 13, 2019: as the oil and gas industry faces another period of unprecedented disruption, the country’s energy leaders will come together to discuss the current state of the industry and plan the future at the EnergyShip Summit to be held in Scottsdale, Arizona on February 27-29, 2020. Attendees will gain access to world-class thought leaders in the fields of AI, data, engineering, markets, and leadership to develop actionable insights and enhance their ability to lead and win in the exponential future of oil and gas, as well as build a community of networked, future-minded leaders across the industry.