Who: Oil and Natural Gas Corporation Limited
Where: 7 December 2015
What: Joined Zero Routine Flaring by 2030 Initiative
When: COP-21 of UNFCCC, Paris
Why: To cut down oil flaring incidents
The Oil and Natural Gas Corporation Limited on 7 December 2015 joined Zero Routine Flaring by 2030 Initiative of the World Bank on the sidelines of Conference of Parties-21 (COP-21) of UNFCCC in Paris.
With this joining, ONGC has become the first oil company from India to join the global initiative that is aimed at curbing routine gas flaring at oil production sites around the world by 2030.
Along with ONGC, 19 other entities endorsed the initiative taking the number of total countries or companies or development institutions to 45 since its inception in April 2015.
Altogether these 45 endorsers represent more than 40 percent of all global gas flaring.
Features of Zero Routine Flaring by 2030
• It encourages oil companies to seek economically viable solutions to eliminate ongoing “legacy” flaring as soon as possible and no later than 2030.
• It will ensure that when oil fields are developed, plans include gas utilization solutions that do not involve routine flaring or venting.
• It will end routine gas flaring that stops millions of tons of CO2 going into the atmosphere every year.
• The initiative, once successful, will contribute to improving the life of the people who live around gas flare sites.