EPA Finalizes GHG Reporting Rule for Oil, Gas Industry
On November 13, 2014, the U.S. Environmental Protection Agency finalized its greenhouse gas reporting rule. The rule, which will go into effect on January 1, 2015, includes revised monitoring and data disclosure requirements for the petroleum and natural gas industry. In particular, the final rule clarifies the emission sources that must provide greenhouse gas reports as including engines, boilers, heaters, flares, and separation and processing equipment. Covered sources are directed to provide separate reports for methane, carbon dioxide, and nitrous oxide emissions in addition to reporting cumulative emissions for all greenhouse gases in metric tons of carbon dioxide equivalent. The rule allows the use of either actual gas composition or a default for natural gas transmission and compression, underground natural gas storage, liquefied natural gas storage, liquefied natural gas import and export, and natural gas distribution facilities.
