Gas flaring in North Dakota. The IEA says methane emissions from the energy sector can be reduced by 75 per cent using existing technology. AP
Gas flaring in North Dakota. The IEA says methane emissions from the energy sector can be reduced by 75 per cent using existing technology. AP
Gas flaring in North Dakota. The IEA says methane emissions from the energy sector can be reduced by 75 per cent using existing technology. AP
Gas flaring in North Dakota. The IEA says methane emissions from the energy sector can be reduced by 75 per cent using existing technology. AP

Energy industry’s methane emissions surge to near record despite supply concerns, IEA says


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The global energy industry’s methane emissions surged to 135 million tonnes last year, slightly below 2019’s record highs, the International Energy Agency has said.

Despite high energy prices, worries about security of supply and economic uncertainty, there was no reduction in methane emissions observed in 2022, the agency said in a report on Tuesday.

“Some progress is being made but emissions are still far too high and not falling fast enough — especially as methane cuts are among the cheapest options to limit near-term global warming. There is just no excuse,” said IEA executive director Fatih Birol.

Methane is responsible for about a third of global temperature increases since the Industrial Revolution. It dissipates faster than carbon dioxide but is a much more powerful greenhouse gas during its short lifespan.

The energy sector accounts for about 40 per cent of total methane emissions attributable to human activity, second only to agriculture.

  • Coal power plants are a major source of methane emissions. AP
    Coal power plants are a major source of methane emissions. AP
  • Livestock accounts for about one third of methane emissions, the International Methane Emissions Observatory reported. AFP
    Livestock accounts for about one third of methane emissions, the International Methane Emissions Observatory reported. AFP
  • A Qatari tanker ship is being loaded up with LNG, made up mainly of methane. The state-owned oil and gas company Qatar Energy said it is joining a new industry-led initiative to reduce nearly all methane emissions from operations by 2030. AP
    A Qatari tanker ship is being loaded up with LNG, made up mainly of methane. The state-owned oil and gas company Qatar Energy said it is joining a new industry-led initiative to reduce nearly all methane emissions from operations by 2030. AP
  • An oilfield near McKittrick, California. The state has 35,000 oil and gas wells sitting idle, many of which are unplugged and could leak methane gas. AFP
    An oilfield near McKittrick, California. The state has 35,000 oil and gas wells sitting idle, many of which are unplugged and could leak methane gas. AFP
  • Wind turbines turn on top of a dump next to the BP Refinery Scholven in Gelsenkirchen, Germany. Spiralling energy costs caused by various economic factors and the Ukraine war could be a turning point towards cleaner energy, the International Energy Agency says. AP
    Wind turbines turn on top of a dump next to the BP Refinery Scholven in Gelsenkirchen, Germany. Spiralling energy costs caused by various economic factors and the Ukraine war could be a turning point towards cleaner energy, the International Energy Agency says. AP
  • Waste and landfill sites account for more than 20 per cent of methane emissions. AFP
    Waste and landfill sites account for more than 20 per cent of methane emissions. AFP
  • Globally, agriculture is the largest source of human-caused methane emissions. Bloomberg
    Globally, agriculture is the largest source of human-caused methane emissions. Bloomberg

Methane emissions from oil and gas alone could be reduced by 75 per cent with existing technology, highlighting a “lack of industry action on an issue that is often very cheap to address”, the agency said.

Less than 3 per cent of the income made by oil and gas companies globally last year would be required to make the $100 billion investment in technology needed to achieve this reduction, it added.

Last year, the largest recorded emission of methane occurred due to leaks in the Nord Stream pipelines, which transported natural gas from Russia to Europe.

“The Nord Stream pipeline explosion last year released a huge amount of methane into the atmosphere,” said Dr Birol.

“But normal oil and gas operations around the world release the same amount of methane as the Nord Stream explosion every single day.”

Ceasing all non-emergency flaring and venting of methane is the most effective measure to rein in emissions, the agency said.

Out of the 260 billion cubic metres of methane lost to the atmosphere each year, three quarters could be retained and brought to market using “tried and tested” policies and technology, it said.

“The captured methane would amount to more than the European Union’s total annual gas imports from Russia prior to the invasion of Ukraine.”

The agency said that satellites detected more than 500 “super-emitting” events from oil and gas operations last year.

Entities such as fossil fuel plants, waste or agriculture-related equipment and other infrastructure that discharge methane at exceptionally high rates are known as super-emitters.

“The untamed release of methane in fossil fuel production is a problem that sometimes goes under the radar in public debate,” said Mr Birol.

“Unfortunately, it is not a new issue and emissions remain stubbornly high. Many companies saw hefty profits last year following a turbulent period for international oil and gas markets amid the global energy crisis.

“Fossil fuel producers need to step up and policymakers need to step in — and both must do so quickly.”

In November, the UN Environment Programme (UNEP) said methane concentrations in the atmosphere were continuing to rise.

Efforts by the fossil fuel sector offer, “by far, the greatest potential to achieve rapid methane emissions reductions”, said the report, which was released by UNEP’s International Methane Emissions Observatory said.

Currently, only a fraction of companies is providing methane emissions estimates that are based on actual measurements, it said.

  • A pipeline that takes methane gas from the Frank R. Bowerman landfill to an onsite power plant in Irvine, California. Reuters
    A pipeline that takes methane gas from the Frank R. Bowerman landfill to an onsite power plant in Irvine, California. Reuters
  • A satellite image shows a methane plume three kilometres long detected south-east of Carlsbad, New Mexico. Nasa scientists, using a tool designed to study how dust affects climate, have identified more than 50 sites around the world emitting high levels of methane, a potent greenhouse gas, the US space agency said. AFP
    A satellite image shows a methane plume three kilometres long detected south-east of Carlsbad, New Mexico. Nasa scientists, using a tool designed to study how dust affects climate, have identified more than 50 sites around the world emitting high levels of methane, a potent greenhouse gas, the US space agency said. AFP
  • An oil drilling rig in the Permian Basin oilfield in Midland, Texas. US President Joe Biden imposed a ban on Russian oil, which may mean that oil producers in the Permian Basin will need to pump more oil to meet demand. The Permian Basin is the largest petroleum-producing basin in the United States. AFP
    An oil drilling rig in the Permian Basin oilfield in Midland, Texas. US President Joe Biden imposed a ban on Russian oil, which may mean that oil producers in the Permian Basin will need to pump more oil to meet demand. The Permian Basin is the largest petroleum-producing basin in the United States. AFP
  • This satellite image from Nasa shows a 4.8km methane plume coming from a major landfill, where methane is a byproduct of decomposition, south of Tehran, Iran. AFP
    This satellite image from Nasa shows a 4.8km methane plume coming from a major landfill, where methane is a byproduct of decomposition, south of Tehran, Iran. AFP
  • Workers on an oil rig in the Permian Basin oilfield in Stanton, Texas. AFP
    Workers on an oil rig in the Permian Basin oilfield in Stanton, Texas. AFP
  • This satellite image shows 12 methane plumes streaming westward for more than 32 kilometres east of Hazar, Turkmenistan. Nasa
    This satellite image shows 12 methane plumes streaming westward for more than 32 kilometres east of Hazar, Turkmenistan. Nasa
  • Turkmenistan's President Gurbanguly Berdymukhamedov at the opening of the East-West pipeline at the Belek compressor station, about 500 kilometres from Ashgabat. On December 23 Turkmenistan completed a $2.5 billion gas pipeline connecting its eastern gas fields to the Caspian Sea, potentially expanding Europe's energy security options. AFP
    Turkmenistan's President Gurbanguly Berdymukhamedov at the opening of the East-West pipeline at the Belek compressor station, about 500 kilometres from Ashgabat. On December 23 Turkmenistan completed a $2.5 billion gas pipeline connecting its eastern gas fields to the Caspian Sea, potentially expanding Europe's energy security options. AFP
  • A lorry unloads rubbish at the South Kent landfill in Byron Township, Michigan. The National Oceanic and Atmospheric Administration released a study calculating that levels of the heat-trapping gas methane rose at a record pace in 2021. AP Photo
    A lorry unloads rubbish at the South Kent landfill in Byron Township, Michigan. The National Oceanic and Atmospheric Administration released a study calculating that levels of the heat-trapping gas methane rose at a record pace in 2021. AP Photo
  • Delhi fire officials take a break while fighting a fire at the Bhalswa landfill in New Delhi. Every day more than 2,300 tonnes of waste are dumped at the landfill without being segregated, resulting in the build-up of combustible methane gas. AP Photo
    Delhi fire officials take a break while fighting a fire at the Bhalswa landfill in New Delhi. Every day more than 2,300 tonnes of waste are dumped at the landfill without being segregated, resulting in the build-up of combustible methane gas. AP Photo
  • The Norte III biogas plant, which removes methane from waste at the landfill, outside Buenos Aires, Argentina. Norte III recently activated a new power station that runs on methane gas piped from under the landfill to generate electricity. Bloomberg
    The Norte III biogas plant, which removes methane from waste at the landfill, outside Buenos Aires, Argentina. Norte III recently activated a new power station that runs on methane gas piped from under the landfill to generate electricity. Bloomberg

Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

Dubai Rugby Sevens

November 30-December 2, at The Sevens, Dubai

Gulf Under 19

Pool A – Abu Dhabi Harlequins, Jumeirah College Tigers, Dubai English Speaking School 1, Gems World Academy

Pool B – British School Al Khubairat, Bahrain Colts, Jumeirah College Lions, Dubai English Speaking School 2

Pool C - Dubai College A, Dubai Sharks, Jumeirah English Speaking School, Al Yasmina

Pool D – Dubai Exiles, Dubai Hurricanes, Al Ain Amblers, Deira International School

UAE currency: the story behind the money in your pockets
The five pillars of Islam

1. Fasting

2. Prayer

3. Hajj

4. Shahada

5. Zakat 

Gulf Under 19s final

Dubai College A 50-12 Dubai College B

PROFILE OF INVYGO

Started: 2018

Founders: Eslam Hussein and Pulkit Ganjoo

Based: Dubai

Sector: Transport

Size: 9 employees

Investment: $1,275,000

Investors: Class 5 Global, Equitrust, Gulf Islamic Investments, Kairos K50 and William Zeqiri

THE SPECS

      

 

Engine: 1.5-litre

 

Transmission: 6-speed automatic

 

Power: 110 horsepower 

 

Torque: 147Nm 

 

Price: From Dh59,700 

 

On sale: now  

 

Red Sparrow

Dir: Francis Lawrence

Starring: Jennifer Lawrence, Joel Egerton, Charlotte Rampling, Jeremy Irons

Three stars

Desert Warrior

Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley

Director: Rupert Wyatt

Rating: 3/5

ADCC AFC Women’s Champions League Group A fixtures

October 3: v Wuhan Jiangda Women’s FC
October 6: v Hyundai Steel Red Angels Women’s FC
October 9: v Sabah FA

Company Profile

Name: Thndr
Started: 2019
Co-founders: Ahmad Hammouda and Seif Amr
Sector: FinTech
Headquarters: Egypt
UAE base: Hub71, Abu Dhabi
Current number of staff: More than 150
Funds raised: $22 million

Founders: Abdulmajeed Alsukhan, Turki Bin Zarah and Abdulmohsen Albabtain.

Based: Riyadh

Offices: UAE, Vietnam and Germany

Founded: September, 2020

Number of employees: 70

Sector: FinTech, online payment solutions

Funding to date: $116m in two funding rounds  

Investors: Checkout.com, Impact46, Vision Ventures, Wealth Well, Seedra, Khwarizmi, Hala Ventures, Nama Ventures and family offices

The Perfect Couple

Starring: Nicole Kidman, Liev Schreiber, Jack Reynor

Creator: Jenna Lamia

Rating: 3/5

The%20Mother%20
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20Niki%20Caro%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStars%3A%3C%2Fstrong%3E%20Jennifer%20Lopez%2C%20Joseph%20Fiennes%2C%20Gael%20Garcia%20Bernal%2C%20Omari%20Hardwick%20and%20Lucy%20Paez%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%203%2F5%3C%2Fp%3E%0A
The specs: 2019 Infiniti QX50

Price, base: Dh138,000 (estimate)
Engine: 2.0L, turbocharged, in-line four-cylinder
Transmission: Continuously variable transmission
Power: 268hp @ 5,600rpm
Torque: 380Nm @ 4,400rpm
Fuel economy: 6.7L / 100km (estimate)

Analysis

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THE CLOWN OF GAZA

Director: Abdulrahman Sabbah 

Starring: Alaa Meqdad

Rating: 4/5

'The Batman'

Stars:Robert Pattinson

Director:Matt Reeves

Rating: 5/5

Avatar: Fire and Ash

Director: James Cameron

Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana

Rating: 4.5/5

The specs

Engine: 2.0-litre four-cylinder turbo

Power: 268hp at 5,600rpm

Torque: 380Nm at 4,800rpm

Transmission: CVT auto

Fuel consumption: 9.5L/100km

On sale: now

Price: from Dh195,000 

Last 10 NBA champions

2017: Golden State bt Cleveland 4-1
2016: Cleveland bt Golden State 4-3
2015: Golden State bt Cleveland 4-2
2014: San Antonio bt Miami 4-1
2013: Miami bt San Antonio 4-3
2012: Miami bt Oklahoma City 4-1
2011: Dallas bt Miami 4-2
2010: Los Angeles Lakers bt Boston 4-3
2009: Los Angeles Lakers bt Orlando 4-1
2008: Boston bt Los Angeles Lakers 4-2

Timeline

2012-2015

The company offers payments/bribes to win key contracts in the Middle East

May 2017

The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts

September 2021

Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act

October 2021

Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence 

December 2024

Petrofac enters into comprehensive restructuring to strengthen the financial position of the group

May 2025

The High Court of England and Wales approves the company’s restructuring plan

July 2025

The Court of Appeal issues a judgment challenging parts of the restructuring plan

August 2025

Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision

October 2025

Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange

November 2025

180 Petrofac employees laid off in the UAE

Updated: February 21, 2023, 6:00 AM