The total value of gas wasted through flaring reached $19bn (£15.39bn) in 2019.
That’s according to a recent study by GlobalData that credits the lack of market access and small volumes of gas production at individual plants as reasons for high flaring volumes through the year.
It notes ten countries combined currently flare more than 9.5 billion cubic feet of gas everyday – as well as wasting money, this unneccessarily damages the environment.
Citing the export of gas as a viable alternative to flaring, Anna Belova, Senior Oil and Gas Analyst at GlobalData, said: The value of flared gas when priced at domestic prices is half of what the gas could command in European markets.
Flaring will not be easily resolved with one size fits all approach, given the regional drivers that necessitate flaring over monetisation of gas. Rather a combination of regulatory pressures, technological innovations and increased investments will allow countries to capture the forgone revenues.