Radix Key Insights in Meeting Sustainability Goals for Oil & Gas in 2024 Author: Tarik Siqueira, Head of Power, North America

Tárik-Siqueira, Head of Power and Gas at Radix

After COP28, 50 oil companies representing half of the world’s global production have promised to reduce methane emissions to near zero by 2030. Simultaneously, the Biden administration unveiled new methane reduction regulations to reduce methane, which are considered among the most harmful greenhouse gases (GHGs).  

Hitting emission reduction numbers requires that governments implement ambitious policies and regulations to promote renewable energy, energy efficiency, sustainable transportation, and sustainable agriculture. For oil and gas sector companies, these targets require an approach that focuses on optimizing operational efficiency, increasing production, and reducing costs simultaneously. 

There are disruptive technical challenges that Radix is focusing on in the midstream market, precisely to monitor methane emissions better to reduce this pollutant. Our approach includes finding and implementing better ways to predict and thus prevent pipeline stress and corrosion that lead to cracks and subsequent methane leaks.  

Addressing the Disruption & Leaks at the Pipeline    

Until recently, the only way to identify potential cracks that have already happened was through manual inspections, which are both costly and time-consuming. However, with the flood of data, satellite images, and AI-based analytics available, the oil and gas sector can leverage better, more accurate solutions to predict where there is stress and corrosion to a level that signifies an impending crack along a pipeline.  

While there will still be a requirement for manual examination, anything that narrows what needs to be inspected cuts the time and expense of lengthy manual inspections. If repairs can be made before a crack occurs, that is cost avoidance- which for oil and gas companies equates to higher profits and safer operations.  

This approach fits in with Radix’s efforts to leverage data and AI (Artificial Intelligence) to improve forecasts and predictions that companies can use to help optimize their operations. Making repairs to a pipeline before it is damaged will allow a planned, temporary shutdown for a company, which will also be better reflected in its production schedule.  

By focusing on solutions to methane leaks and methane burning, such as ending the practice of flaring the methane from new wells or capping old wells when they are taken out of production, energy companies can take great strides in meeting desired emission outcomes. By taking these measures and leveraging data to prevent pipeline leaks and other production issues, companies can accomplish all sustainability and emission goals for 2024 and beyond.  

To learn more, visit www.radixeng.com