Value of Natural Gas Flared Hits Global Peak With $16 Billion Worth Wasted in a Year
The value of natural gas flared by 80 different nations around the world has increased by 11% to hit a global peak this year of $16.4 billion, according to a new data analysis.
The value of natural gas flared by 80 different nations around the world has increased by 11% to hit a global peak this year of $16.4 billion, according to new data analysed by Brainnwave.
The data intelligence business says this is thanks to the dual effects of the rising price of natural gas and the increased volume of gas flared. The volume of natural gas lost to flaring has increased by 3.2%, from 140.5 billion m3 in 2017 to 145 billion m3 in 2018.
Data intelligence business Brainnwave pinpointed gas flaring events throughout the world using nighttime satellite imagery from visible infrared radiometer data. That data was then used to measure the volume of gas flared. This enabled the firm to use the mean Henry Hub spot price for natural gas in US dollars to estimate its value.
According to Brainnwave, Russia, Iraq, Iran, and the US were the four most-wasteful nations in 2018, flaring more than 70 billion m3 of natural gas—enough to heat 38 million homes for a year—more than all the homes in the UK and Ireland combined. It is also more gas flared than the next 30 most-wasteful nations combined.