Kuwait has joined the Global Gas Flaring Reduction (GGFR) Partnership, led by the World Bank, and the Kuwait Oil Company has already reduced flaring from 17% to 1.75%, increasing annual revenue by US$2.7 billion and significantly reducing greenhouse gas (GHG) emissions.
4 March 2012: Kuwait is the third country in the Middle East (following Qatar and Iraq) to join the Global Gas Flaring Reduction (GGFR) partnership, an initiative led by the World Bank to reduce emissions that result from the oil industry.
The World Bank underscores that gas flaring reduction makes a significant contribution to greenhouse gas (GHG) emission reductions, improves energy efficiency and mitigates climate change. Kuwait Oil Company has reduced flaring from 17% to 1.75% of its gas production over the period 2005 to 2011, and is among the lowest flaring oil companies. With support from GGFR, the company hopes to achieve a flaring rate of less than 1% as soon as possible. Progress made thus far has already resulted in an increased annual revenue of US$2.7 billion, lowered consumption of liquid fuels, and reduced liquified natural gas (LNG) imports.
The GGFR is a public-private partnership that brings together representatives of governments of oil-producing countries, state-owned companies and major international oil companies to overcome challenges that inhibit wider utilization of gas associated with petroleum extraction across the world. [World Bank Press Release]