Oil and gas operations currently contribute 30% of global warming through 80 million tonnes of methane emissions. To limit global temperature rise to 1.5°C, reducing methane emissions is crucial. Methane abatement, achieved by optimizing operational techniques and equipment, offers a cost-effective solution for achieving net zero emissions (NZE). This approach generates approximately USD 45 billion in revenue from captured methane sales, outweighing abatement costs. Emission reduction tactics include ending non-emergency flaring and venting, leak detection programs, vapor recovery units, and more. Implementation of these measures is estimated to reduce total methane emissions from oil and gas operations by over 15% by 2030. Investment of over USD 75 billion is required, with funding sources including oil and gas companies, banks, development initiatives, and governments. Several case studies demonstrate successful strategies for methane reduction, providing insights for policy recommendations. Nigeria, despite having substantial gas reserves, needs to adopt effective policies, monitoring systems, and infrastructure to utilize its resources and contribute to net zero emissions. Financing methane abatement is pivotal, holding vast potential for global emissions reduction and sustainable development.
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