Permian Basin oil and gas operators reduced methane emissions by 26% in 2023, according to a new analysis by S&P Global Commodity Insights.

Methane emissions fell by 34 Bcf to 96 Bcf, even as total oil and gas production increased, the analysis showed. On a rate basis, the emissions amounted to 0.63% of barrels of oil equivalent produced in the region, down from 0.92% barrels of oil equivalent in 2022.

The 34-Bcf reduction is equivalent to 18.5 million tons of CO2 emissions avoided, S&P Global said. The 2023 emissions are equivalent to the annual gas usage of 1.7 million households.

The analysts said the industry was detecting leaks more quickly and accurately thanks to better equipment and more use of new technology. Organizations including the Global Methane Alliance and the Aiming for Zero Methane Emissions Initiative are working toward cutting emissions to near zero by 2030.

“Leaks that previously might have persisted for weeks or months can now be addressed in a matter of days,” said Kevin Birn, head of the S&P Global Commodity Insights Center for Emissions Excellence, which produced the study in partnership with Insight M, formerly known as Kairos Aerospace.

Even though the Permian is primarily an oil basin, it produces about 20% of U.S. natural gas. In 2023, it delivered more than 23 Bcf/d.

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