LongPath Technologies finalises US$162.4 million DOE loan to expand methane emissions monitoring network
Published by Alfred Hamer,
Editorial Assistant
Oilfield Technology,
LongPath Technologies, Inc. has announced the finalisation of a US$162.4 million loan from the US Department of Energy's Loan Programs Office (LPO). This funding will expedite the deployment of LongPath's nationwide methane emissions monitoring network, which will increase its emissions monitoring across US oil and gas production regions, including California, Colorado, New Mexico, North Dakota, Oklahoma, Pennsylvania, Texas, Utah, and Wyoming.
With DOE's financial backing, LongPath said its plans toll over 1000 advanced laser-based methane sensing nodes, covering up to 24 000 square miles and monitoring tens of thousands of facilities.
"DOE's support for LongPath's wide-area methane detection network is significant," said Ian Dickinson, CEO of LongPath Technologies. "Our laser-equipped system provides US oil and gas producers with an affordable, high-impact tool to ensure compliance, optimise LDAR (Leak Detection and Repair) programs, and eliminate costly methane leaks. This loan speeds up our capacity to offer operators the technology needed to achieve significant methane reductions, supporting both operational efficiency and environmental sustainability."
The network is expected to prevent methane emissions equivalent to at least six million metric tons of CO2e annually – the equivalent of taking 1.3 million gasoline-powered vehicles off the road – by enabling subscribers to identify and respond to methane leaks quickly. At its peak, the project will create 35 construction jobs and 266 operational jobs. LPO financing will support LongPath in the instalment and deployment of up to 24 000 square miles of coverage.
Read the article online at: https://www.oilfieldtechnology.com/product-news/28102024/longpath-technologies-finalises-us1624-million-doe-loan-to-expand-methane-emissions-monitoring-network/
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