Private satellites pinpoint methane emissions from oil, gas and coal facilities worldwide

Using meter-scale observations from its GHGSat satellite constellation, researchers published a facility-level global inventory of methane emissions for 2023 that attributes roughly 9 million tons (8.3 million metric tons) of annual methane to 3,114 oil, gas and coal sites; the largest oil and gas emitters were found in Turkmenistan, the U.S., Russia, Mexico and Kazakhstan, while China and Russia dominated coal emissions. The study finds only moderate agreement with bottom-up national inventories and poor spatial agreement at ~0.2°×0.2° resolution, and reports different emission persistence by sector (coal plumes detected ~50% of observations vs. ~16% for oil and gas), highlighting the intermittency of fossil-fuel methane and the limits of infrequent monitoring. With GHGSat expanding to 14 satellites to increase temporal and spatial coverage, the results enable more actionable, facility-level mitigation, improved emissions accounting and greater precision for regulatory compliance, ESG risk assessment and asset-level exposure analysis.

Analysis

Researchers using GHGSat's high-resolution satellite constellation published a facility-level global inventory (Science, Dec. 11) that attributes roughly 9 million tons (8.3 million metric tons) of methane annually to 3,114 oil, gas and coal facilities based on 2023 observations. GHGSat combines meter-scale spatial resolution with global coverage to bridge the gap between bottom-up inventories and coarse top-down atmospheric measurements, enabling attribution of plumes to individual sites.

The study identifies the largest oil and gas emitters as Turkmenistan, the U.S., Russia, Mexico and Kazakhstan, while China and Russia dominate coal emissions. It reports only moderate agreement with bottom-up national inventories and very poor agreement at ~0.2°x0.2° (~20x20 km) resolution, and finds persistence differences by sector: coal plumes detected in ~50% of observations versus ~16% for oil and gas, underscoring intermittency and monitoring challenges.

GHGSat expanded to 14 satellites with two launches in June and two in November, which the authors say will improve spatial and temporal coverage and detection frequency. Facility-level measurement increases the potential for targeted mitigation, more precise ESG accounting and heightened regulatory or reputational risk for operators identified as frequent emitters in hotspot jurisdictions.

Key Decisions for Investors

• Reassess exposure to upstream oil, gas and coal assets operating in the identified hotspots (Turkmenistan, U.S., Russia, Mexico, Kazakhstan, China and Russia) for elevated methane-related regulatory, compliance and reputational risk
• Incorporate facility-level methane detection data into ESG, credit and valuation models and consider hedging or reducing positions in operators with frequent detectable emissions or weak mitigation histories
• Consider tactical exposure to providers of high-resolution methane detection and mitigation technologies and services, as GHGSat's expansion to 14 satellites should increase demand for monitoring and verification
• Monitor subsequent inventory revisions, regulatory announcements and litigation tied to satellite disclosures and reduce conviction on operators whose cash flows could be impaired by stricter enforcement