The times have changed. The world, concerned about climate change has demanded that we all reduce our carbon footprint and develop in a green sustainable manner. The cost of CO2 emissions will increase considerably as countries implement either a tax or a cap and trade system to address climate change, creating significant corporate liability.
One of the largest sources of greenhouse gas emissions in the oil and gas industry originates from flared gas and fugitive hydrocarbon emissions. Globally, over 14.5 and 9.6 billion cubic feet of gas, respectively, is flared and vented daily from oil and gas operations. This is a waste of a non-renewable energy source that releases over 9,000 Trillion Btu of energy and adds over 1.8 billion tonnes of CO2 each year to the atmosphere, which, if eliminated, would surpass all projects accounted for under Kyoto’s Clean Development Mechanism (CDM).
Technology can change this problem into an opportunity. There are practical, proven cost effective solutions to not only significantly reduce the emissions but to also utilize the energy that is presently being wasted from these valuable streams creating a mutually beneficial solution. Proven technology exists that is smart business, builds public confidence, reduces the carbon footprint and meets environmental regulations. This simple solution with immediate and significant impact is far more effective than carbon capture and renewable energy. We will experience far greater success by focusing on solutions for an increasingly efficient fossil fuel based economy.
If we are to engage the public, shareholders and attract new graduates to our industry, we have to address the issue of sustainability and environment. The solutions are right in front of us!
Ms. Audrey Mascarenhas is currently the President and CEO of Questor Technology Inc.(Questor) an international environmental oil field service company focused on clean air technologies. Audrey joined Questor in 1999 and was instrumental in developing Questor's engineering, financial and marketing strategies. Prior to this, Audrey held various technical, commercial and management positions during a17-year tenure with Gulf Canada Resources Ltd., presently Conoco-Phillips. She is a graduate of the University of Toronto in Chemical Engineering and holds a Masters Degree in Petroleum Engineering from the University of Calgary. Audrey has had the opportunity to share her passion for the environment and the search for solutions to air quality with other audiences, notably at the ‘World Petroleum Congress’ in Johannesburg, Rice Alliance Clean Technology Conference in Houston and most recently in Amsterdam at the EPA/World Bank Global Gas Flaring Reduction Forum. She is active in her community, serving as a Scout leader and as coach for a variety of sport teams in which her children are involved. As an avid skier and hiker, her love of the outdoors and commitment to the environment is ever present.
Audrey was an SPE Distinguished Lecturer in 2010-11