June 23, 2024
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OIL & GAS

U.S. Approves $189 Million Loan for Innovative Methane Monitoring Network

The United States Department of Energy’s loan office has conditionally approved a $189 million loan to support the development of a cutting-edge methane monitoring network in crucial oil-producing basins.

This initiative, set to be executed by Houston-based Long Path Technologies, aims to provide real-time data for tens of thousands of oil and gas sites, potentially averting the release of over 6 million tons of carbon dioxide annually, according to Reuters.

Long Path Technologies will utilize the loan to implement its Emissions Overwatch System across 24,000 square miles in multiple states. The technology, involving lasers positioned on 50-foot towers, is designed to detect methane leaks efficiently.

In contrast to traditional optical gas imaging, which takes periodic measurements, the Long Path system can continuously monitor 8-square mile areas, offering updates every two hours. In the event of a leak, operators will be promptly notified, as highlighted by the DOE’s Loan Program Office.

The DOE emphasized that this loan represents the Biden administration’s ongoing commitment to addressing methane emissions.

Methane, a potent greenhouse gas with a faster atmospheric breakdown than carbon dioxide, often leaks undetected from drill sites, gas pipelines, and other oil and gas equipment. Curbing methane emissions can have an immediate and substantial impact on limiting climate change.

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