The Global Gas Flaring Reduction Partnership has set the ambitious goal of zero flaring by 2030.
Konstantinos Kazinakis has examined some of the industry’s newest and most promising efforts to remain good environmental stewards.— Oil and gas, important energy sources in the world, remain heavily consumed by humanity and involved in major economic activities, accounting for approximately 2.5 percent of the global GDP. In recent years, the industry has been striving to create new, sustainable practices that will ensure clean emissions and the long-term viability of fossil fuel extraction. Petroleum expert and Chief Operating Officer of United Bunkers Investors Corporation, a Toronto-based oil trading group,
One of the most dramatic changes in the oil and gas industry according to Konstantinos Kazinakis, has been in the improved efficiency of gas flaring, a necessary component of production. With their interest in advancing sustainability, the global oil industry joined with the World Bank to form the Global Gas Flaring Reduction Partnership which has set the ambitious goal of zero flaring by 2030. The project has already produced dramatic changes. Between 2005 and 2010, the flaring of gas was cut worldwide by 22%, from 172 billion cubic meters to 134 bcm. Even with this substantial change, at the end of 2011, it was estimated that flared gas accounted for 150 × 109 cubic meters worldwide, which is equivalent to about 25% of the annual natural gas consumption in the United States or about 30% of the annual gas consumption in the European Union. If it were to reach market, this quantity of gas would be worth $29.8 billion USD, proving that sustainability can also be profitable, says Kazinakis.
A second major development is in the area of hydraulic fracturing, commonly called “fracking,” which is the technique for recovering gas and oil from shale rock through the use of high pressure water, sand and chemical injections deep underground. The innovative process has resulted in an exceptional supply of clean-burning natural gas, which has been dramatically changing transportation and power generation around the world. An exciting new process invented by GE, uses a technology called “membrane distillation” which combines heat and decreased pressure to vaporize water using membranes that separate pure water vapor from salt water, making fracking an increasingly clean and viable extraction process. “Once this technology is scaled-up, GE’s membrane distillation has the potential to significantly reduce water issues right at the drilling sites,” explains Kazinakis, “In terms of sustainability, this would prove an exponential evolution for the gas and oil industry, and one particularly applicable to the unique environmental needs of the U.S. Marcellus Shale deposit.”
With over 21 years of industry experience, the Chief Operating Officer for United Bunkers Investors Corporation, Konstantinos Kazinakis, and Mr. Osama Eissa Chairman & CEO of United Bunkers Investors Corporation takes a particular interest in the management of overall trade financing and commodity trading, handling nearly $1.5 billion in assets. Kazinakis’ particular expertise is in company debt restructuring and equity investments - both important to the oil and shipping companies. United Bunkers Investors Corporation is supported by Financial Technology trade financing platform for a high technology solution to the global trade finance market, which is worth more than $ 4 Trillion US dollars a year, the gap is currently around $1.4 Trillion for the innovation in making trade financing more efficient and to protect against all risk.
Konstantinos Kazinakis - United Bunkers Investors Corporation: http://konstantinoskazinakisnews.com
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