New regulations made by the U.S. Environmental Protection Agency (EPA) cuts Oil and Gas Methane Emissions

United States: The U.S. Environment Protection Agency (EPA) have set a new regulation for reducing methane, volatile organic compounds (VOCs) and toxic air emissions from new, modified and reconstructed sources in U.S. oil and gas operations. The new regulation includes hydraulically fractured oil wells, some of which can contain large amounts of gas as well as oil, and equipment used across the industry not regulated by the 2012 rules.

TechSci Research depicts that the new regulation is likely to reduce 210,000 short tons of ozone-forming VOCs in 2025, along with 3,900 tons of air toxins, such as benzene, toluene, ethylbenzene and xylene. The new regulation would encourage upstream and midstream companies to invest in leak detection equipment so as to reduce oil and gas methane emissions thereby, influencing the growth of global oil and gas pipeline leak detection market. Growth in the market can be attributed to the expanding oil and gas pipeline network across the globe on account of investments in pipeline infrastructure.

According to released report of TechSci Research “Global Oil & Gas Pipeline Leak Detection Market Forecast & Opportunities, 2020”, the global oil & gas pipeline leak detection market is projected to cross US$ 1.8 billion in 2020. Government of various countries have formulated regulations and standards, for reducing the after effects of oil and gas pipeline leak detection, which specify dedicated methods for oil & gas pipeline leak detection, which companies are required to abide with. These standards have made deployment and maintenance of leak detection systems a compulsion, thereby fueling growth in oil & gas pipeline leak detection market.