The greenhouse gas intensity of US oil production, particularly in the US Gulf of Mexico, is significantly lower compared to most other regions of the world.
That’s according to a new National Oceanic Industries Association (NOIA) study on emissions from global oil production completed by the ICF, which was described by a NOIA spokesperson as the first of its kind, apples-to-apples comparison of the greenhouse gas intensity of a barrel of oil between two countries or regions of the world.
The report highlighted that total US oil production is 23 percent less carbon intensive than the international average outside the US and Canada. The report highlights that the US Gulf of Mexico is 46 percent less carbon intensive than the global average outside the US and Canada, beating out other nations such as Russia, China, Brazil, Iran, Iraq and Nigeria.
The report also revealed that using the largest crude oil grade from the Gulf of Mexico (API Gravity 37.5), instead of similar crudes from outside the United States and Canada, could result in a 50 percent reduction cent of the international average carbon intensity.
“U.S. Gulf of Mexico energy production sets the standard for oil and gas production worldwide,” NOIA President Erik Milito said in a company statement.
“The world needs climate solutions and an increasing amount of energy, and we don’t have to choose between the two. Thanks to the remarkable efforts of the women and men who produce energy in the Gulf of Mexico, we have an incredible source of reliable and responsibly produced energy,” he added.
“The Gulf of Mexico produces a massive amount of energy with a very small footprint, and its continued success is critical to our energy security, national security, and energy affordability. This study validates the importance of the Gulf of Mexico of the United States as an energy source with demonstrably lower carbon intensity barrels,” Milito stated.
In a statement sent to Rigzone, NOIA noted that the study was able to address many of the common shortcomings of similar studies by looking at virtually all of the world’s oil production with a consistent scope and analytical method. NOIA noted that the report includes emissions profiles for 103 countries plus several producing regions in the United States and Canada.
Rigzone has asked the International Association of Oil and Gas Producers (IOGP) for comment on the study. At the time of writing, the IOGP has not yet responded to Rigzone’s request.
The U.S. Energy Information Administration’s (EIA) latest Short-Term Energy Outlook (STEO), which was released in May, forecasts that U.S. crude oil production will grow by 11.89 million barrels per day in 2022 to 12.53 million barrels per day in 2023 and 12.69 million. barrels per day in 2024. US crude production stood at 11.25 million barrels per day in 2021, the STEO noted.
The EIA’s previous STEO, which was released in April, saw U.S. crude production growing from 11.88 million barrels per day in 2022 to 12.54 million barrels per day in 2023 and 12.75 million barrels per day in 2024.
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