Portfolio company of Climate Investment, founded by the Oil and Gas Climate Initiative (OGCI).
ICA-Finance is closely working with the State Oil Company of Azerbaijan Republic's (SOCARs) operating company Azneft PU to reduce methane emissions at oil and gas installations.
An advanced leak detection and repair (LDAR) activity was conducted in 2021 with carbon credit revenues earned in 2022 under the German Upstream Emission Reduction Ordinance (UERO).
The LDAR covered five crude oil production sites with some 150 gas leaks identified and subsequently repaired. This was followed by verification by a third-party verification body, including verification of the effectiveness of repairs, an issuance of carbon credits. The emission reductions amount to 25.500 tons of CO2e per annum using a 28 global warming potential (GWP) for methane compared to CO2.1
The project activities have included training and capacity building of local staff at the production sites and the company is now using infrared cameras to detect methane leak points. Further capacity building and methane emission reduction measures are planned.
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1 The GWP of 28 is for a time horizon of 100 years, which is used for the perhaps of UNFCCC inventories and for carbon credit programs. A GWP of 84, assumption a time horizon of 20 years, for other purposes presenting the impacts of methane emission reductions.
