The world is trying to reduce increasing pressures on fossil fuels emission. They are seeking ways to improve environmental conditions. Small privately held drilling companies are slowly becoming the country’s largest emitting greenhouse gases like methane. These countries often end up buying the country’s high polluting assets.
The Environment Protection agency did a new analysis, which shows that the five top industries globally emit the most quantity of methane. Methane is a dominant potent planet-warming gas.
And these oil and gas producers in the world are backed by some obscure investment firms. Some companies also buy high polluting assets directly from the largest oil and gas producers like ConocoPhilips and BP. Some companies buy these oil and gas properties for more profits, develop and sell them.
Hilcorp Energy is the largest emitter, and the company experiences more than 50% of methane emissions. The company produces these harmful gases as compared to the nation’s largest fossil fuel producer Exxon Mobil.
Terra Energy Partners, Flywheel Energy, Blackbeard Operating, and Scout Energy are also on the list of largest methane gas producers in the world. They also emit more pollution than heavyweight gas industries. They are also the largest polluters, and they have also escaped public scrutiny.
“It’s amazing how the small operators manage to constitute a very large part of the problem,” said Andrew Logan, senior director of oil and gas at Ceres, a nonprofit investor network that commissioned the study together with the Clean Air Task Force, an environmental group.
“There’s just no pressure on them to do things better. And being a clean operator, unfortunately, isn’t a priority in this business model.”
The report carried by the energy consultancy M.J. Bradley & Associates said that the companies need to submit the analysis to the E.P.A Greenhouse Gas Reporting Program, which highlights the emissions of methane and its consequences.
Components present in methane can warm up the planet more than 80 times as compared to carbon dioxide. A report by United Nations shows that there is the potential of reducing emissions under the Joe Biden administration.