Reducing methane emissions has quickly emerged as a priority for oil and gas companies all over the world. Methane emissions are common in the oil and gas industry and have a global warming potential over 80 times greater than carbon dioxide over a 20-year period, so immediate reduction is critical to meet climate targets. To help organizations with this transition, the Methane Inventory Systematic Tool (Mist) offers a comprehensive, data-driven approach.

Setting realistic methane emission reduction targets is key step in developing a climate strategy for oil and gas companies with significant methane emissions. Without clear goals, companies risk underestimating their impact or missing opportunities for cost-effective abatement. Scenario analysis plays a critical role in this process by helping organizations explore different pathways to achieve their targets under varying assumptions and constraints. Not only is reducing methane emissions good for the environment, but also can save money as well. In fact, the International Energy Agency¹ estimates that around 40% of methane emissions can be abated at no net cost, which is largely driven by the market value of the gas.

Mist is a digital platform designed to help companies systematically manage their methane emissions. Developed by the oil and gas experts at Carbon Limits, Mist is trusted by companies all over the world to create methane inventories, analyze material sources and sites, and create detailed abatement strategies to set and achieve methane reduction targets.

Mist's new Scenario Analysis Module plays a major role in this process, as companies are able to pinpoint their highest emitting sources and facilities, and explore different abatement technologies to gain a deep understanding of the costs and effectiveness of reducing emissions. Being able to compare different pathways allows users to find the optimal balance of costs, emissions reductions, and technical feasibility. With an optimized pathway is identified, future emissions can be modelled and used to create a target for a company to strive towards.

Having a methane reduction target is an important tool to communicate plans to stakeholders, organize implementation strategies, and project expenditures and cost savings associated with methane reduction.

The Scenario Analysis capabilities in Mist is one example of how it is more than just an inventory tool. It can transform simple data into robust methane inventories, but goes a step further by enabling users to take a deeper look into their emissions profile and develop strategies to improve their inventory and reduce emissions over time.

Mist has a proven track record of success as it has been deployed in multiple countries, supporting both national and corporate methane management strategies. Users have reported improved data transparency, better alignment with regulatory requirements, more effective planning, and overall feel better equipped to identify high-impact abatement opportunities and track progress toward their goals.

Mist empowers companies to take ownership of their methane emissions by creating detailed inventories, provides insights into abatement potential, and facilitates strategic planning through target setting. This allows companies to take a proactive approach to methane mitigation and develop realistic pathways to achieve a target and communicate their climate goals to stakeholders. Whether a company is just beginning its methane journey or looking to optimize existing efforts, Mist offers the tools to succeed.

Now is the time to embrace data-driven solutions and lead the way in methane abatement through Mist. Request a demo or contact our team to learn learn more about this.

¹ https://www.iea.org/reports/global-methane-tracker-2023/strategies-to-reduce-emissions-from-oil-and-gas-operations