Every year, 150 billion cubic meters of methane are wasted during oil extraction, equivalent to about 5 per cent of world gas production.

These are the results of the report recently released by General Electric entitled "Flare gas reduction: recent global trends and policy considerations" on the widespread practice of gas flaring. Methane is usually released during oil drilling but, since its collection is considered uneconomical, it is burned off through flares. This practice wastes a valuable resource which amounts to 30% of the yearly methane consumption in the EU, bringing environmental degradation to local communities whilst at the same time, emitting 400 million metric tons of CO2 into the atmosphere annually, thus contributing to global warming.

Despite the alarming numbers, there is hope that eliminating wasteful gas flaring could be the next big energy and environmental success based on already existing technologies. The most advanced projects can in fact capture the gas and sell it, or alternatively, use it for power generation or re-inject it into the ground to help with oil recovery efforts. Countries such as Norway, Indonesia and Angola have already provided good examples of how to cut flaring.

A next step would need a coordinated effort from central and regional governments, oil and gas producers, technology providers and the international community. "With greater global attention and concerted effort, including partnerships, sound policy and innovative technologies, large-scale gas flaring could be largely eliminated in as little as five years. It's a win-win outcome," said Michael Farina, program manager at GE Energy and author of the white paper.