I'd be curious for your thoughts on what an "industry solution" to methane would look like- is it something like the EPA draft methane regs? Or are you envisioning something like the various existing voluntary initiatives (One Future, OGCI, etc.) but super sized?
In an ideal world, industry would self-regulate and address the combo of routine flaring, venting, and leaks, with majors, independent producers (large and small, public and private), midstream and downstream companies all included. From my understanding of the issue, it doesn't seem that the issue is fully solvable if only the larger more responsible E&Ps/Majors make promises. I think those promises are in good faith and those companies are sincere.
However, if self regulation doesn't happen for whatever reason, then presumably a regulatory body would need to get industry to where it needs to be. The risk with outside regulation is kind of what we saw under President Obama in his 2nd term...heavy-handed regs that (from what I understand) would not have meaningfully changed our methane trajectory. That said, those regs likely were a catalyst to both technology and cost understanding having progressed meaningfully over the past 5-7 years....so perhaps they were not in vein.
I'd be curious for your thoughts on what an "industry solution" to methane would look like- is it something like the EPA draft methane regs? Or are you envisioning something like the various existing voluntary initiatives (One Future, OGCI, etc.) but super sized?
In an ideal world, industry would self-regulate and address the combo of routine flaring, venting, and leaks, with majors, independent producers (large and small, public and private), midstream and downstream companies all included. From my understanding of the issue, it doesn't seem that the issue is fully solvable if only the larger more responsible E&Ps/Majors make promises. I think those promises are in good faith and those companies are sincere.
However, if self regulation doesn't happen for whatever reason, then presumably a regulatory body would need to get industry to where it needs to be. The risk with outside regulation is kind of what we saw under President Obama in his 2nd term...heavy-handed regs that (from what I understand) would not have meaningfully changed our methane trajectory. That said, those regs likely were a catalyst to both technology and cost understanding having progressed meaningfully over the past 5-7 years....so perhaps they were not in vein.