Baker Hughes’ Emissions Abatement Technology Enables bp to Achieve Flare Emissions Monitoring Breakthrough

Rhea-AI Summary

Baker Hughes (BKR) collaborates with bp to use flare.IQ technology for methane emissions monitoring, leading to reduced emissions from flaring. This breakthrough allows bp to intervene early based on real-time data from 65 flares across seven regions, achieving their Aim 4 milestone.

Insights

Environmental Analyst

From an environmental standpoint, the implementation of Baker Hughes' flare.IQ technology by bp represents a significant advancement in the monitoring and reduction of methane emissions from flaring activities. Methane is a potent greenhouse gas with a global warming potential many times greater than that of carbon dioxide over a 20-year period. Therefore, accurately quantifying and managing these emissions is critical for energy companies looking to reduce their environmental footprint and comply with increasingly stringent regulations.

The partnership between bp and Baker Hughes is indicative of the industry's shift towards greater transparency and accountability in environmental matters. The use of flare.IQ technology aligns with the objectives of the Oil and Gas Methane Partnership (OGMP) 2.0 framework, which sets a standard for methane emissions reporting. By achieving real-time measurement and reporting at level 4, bp is demonstrating a commitment to the highest standards of emissions tracking, which could set a precedent for other operators in the sector.

Energy Sector Analyst

For the energy sector, the collaboration between bp and Baker Hughes in developing and deploying the flare.IQ technology is a strategic move that could influence operational practices industry-wide. Flaring is a common practice in oil and gas operations, used to burn off excess gas for safety reasons or due to lack of infrastructure to capture and utilize it. The ability to monitor and reduce emissions from flaring can lead to operational efficiencies and cost savings, as well as enhance the social license to operate amidst growing environmental concerns.

Investors and stakeholders are increasingly valuing companies that demonstrate environmental stewardship and innovation. bp's efforts to address methane slip emissions through advanced technology could improve its market positioning and potentially influence stock performance positively. Moreover, the scalability of such technologies could open up new revenue streams for Baker Hughes, as other companies seek to adopt similar emissions monitoring solutions.

Sustainability Investment Analyst

The adoption of Baker Hughes' flare.IQ by bp aligns with the broader trend of Environmental, Social and Governance (ESG) investing. The ability to provide real-time, accurate emissions data is a tangible demonstration of bp's commitment to environmental sustainability, which could attract ESG-focused investors. As the investment community continues to scrutinize the environmental impact of their portfolios, bp's proactive approach to emissions management may enhance its appeal as a sustainable investment.

Furthermore, the implementation of such technology could potentially mitigate regulatory risks and penalties associated with emissions, providing a level of financial protection and stability for the company. This foresight in adopting emissions abatement technology could be a deciding factor for investors when considering the long-term viability and resilience of their investments in the energy sector.

• bp is using Baker Hughes’ flare.IQ technology to quantify methane slip emissions from its flaring operations
  
• Enhancing the accuracy of monitoring helps bp to reduce emissions from flaring
• Baker Hughes flare.IQ successfully implemented in multiple regions
  

HOUSTON and LONDON, March 14, 2024 (GLOBE NEWSWIRE) --  Baker Hughes (NASDAQ: BKR), an energy technology company, has announced a breakthrough in flare emissions monitoring following a collaboration with bp.

Using Baker Hughes’ emissions abatement technology, flare.IQ, bp is quantifying methane emissions from its flares, a new application for the upstream oil and gas sector.  

With no universally accepted solution to quantifying methane emissions from flares, bp and Baker Hughes conducted one of the largest ever full-scale studies of flare combustion, including testing a range of flares under challenging conditions and verifying the accuracy of flare.IQ technology.  

Now, acting on real-time data from flare.IQ at 65 flares across seven regions, bp can carry out early interventions and reduce emissions from flaring.

“bp’s transformation is underway, turning strategy into action through delivery of our targets and aims. We don’t have all the answers, and we certainly can’t do this on our own. Through our long-standing partnership with Baker Hughes, we have progressed technology and implemented methane quantification for oil and gas flares, helping us to achieve the first milestone of our Aim 4. We continue to look at opportunities like this, where we can collaborate across the industry to find solutions to our biggest challenges,” said Fawaz Bitar, bp senior vice president of Health Safety Environment & Carbon.

“Our collaboration with bp is an important landmark and a further illustration that technology is a key enabler for addressing the energy trilemma of security, sustainability and affordability,” said Ganesh Ramaswamy, executive vice president of Industrial & Energy Technology at Baker Hughes. “As a leader in developing climate technology solutions, such as our flare.IQ emissions monitoring and abatement technology, cooperations like the one we have with bp are key to testing and validating in the field solutions that can enable operators to achieve emissions reduction goals efficiently and economically.”

Part of Baker Hughes’ Panametrics product line portfolio, flare.IQ builds on four decades of ultrasonic flare metering technology experience. Its advanced analytics platform enables operators to pull critical information from their flare systems, including temperature, pressure, vent gas velocities and gas composition, helping maximize combustion efficiency and minimize emissions. flare.IQ enables emissions reporting based on real-time measurement, in compliance with OGMP 2.0 level 4. Alongside flare.IQ, Baker Hughes has a broad, proven portfolio of emissions abatement technologies capable of improving productivity, efficiency and delivering increased value at scale across customer operations.

About Baker Hughes:
Baker Hughes (NASDAQ: BKR) is an energy technology company that provides solutions to energy and industrial customers worldwide. Built on a century of experience and conducting business in over 120 countries, our innovative technologies and services are taking energy forward – making it safer, cleaner and more efficient for people and the planet. Visit us at bakerhughes.com.

For more information, please contact:

Media Relations

Chiara Toniato
+39 3463823419
chiara.toniato@bakerhughes.com

Investor Relations

Chase Mulvehill
+1 281-809-9088
investor.relations@bakerhughes.com

FAQ

How is Baker Hughes (BKR) collaborating with bp?

Baker Hughes is collaborating with bp to use flare.IQ technology for quantifying methane emissions from flaring operations.

What is the impact of the collaboration on emissions monitoring?

The collaboration enhances the accuracy of monitoring, enabling bp to reduce emissions from flaring by carrying out early interventions based on real-time data.

How many flares across how many regions is bp monitoring with flare.IQ?

bp is monitoring 65 flares across seven regions using flare.IQ technology.

What milestone has bp achieved through this collaboration?

bp has achieved the first milestone of their Aim 4 by implementing methane quantification for oil and gas flares with Baker Hughes.

What technology does Baker Hughes offer for emissions monitoring?

Baker Hughes offers flare.IQ technology for emissions monitoring and abatement, enabling operators to achieve emissions reduction goals efficiently and economically.