LongPath Technologies secures US$162.4 million DOE loan to enhance methane emissions monitoring network in the oilfield industry

LongPath Technologies, a leading provider of methane emissions monitoring solutions, has recently announced the finalization of a US$162.4 million loan from the Department of Energy (DOE). This significant funding will enable the company to expand its network for monitoring methane emissions from oil and gas operations across the United States.

Methane, a potent greenhouse gas, is a major contributor to global warming. In recent years, there has been a growing focus on reducing methane emissions from various industries, including the oil and gas sector. LongPath Technologies’ advanced monitoring technology plays a crucial role in helping companies accurately measure and reduce their methane emissions.

With the DOE loan, LongPath Technologies plans to deploy additional monitoring units in key oil and gas producing regions, such as the Permian Basin and the Bakken Formation. These units will utilize cutting-edge optical sensing technology to detect and quantify methane emissions in real-time, providing valuable data to operators and regulators.

The expansion of LongPath Technologies’ monitoring network is expected to have a significant impact on reducing methane emissions from oil and gas operations. By identifying and addressing sources of methane leaks, companies can improve their environmental performance and contribute to the fight against climate change.

Overall, the DOE loan represents a major milestone for LongPath Technologies and underscores the growing importance of methane emissions monitoring in the energy industry. With this funding, the company is well-positioned to further expand its network and drive meaningful change in the way methane emissions are managed and mitigated.