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On 1 December 2023, the Energy Secretariat, through Resolution 970/23 ("Resolution"), created the National Program for the Measurement and Reduction of Emissions from Hydrocarbon Exploration and Production Activities ("Program").
Hydrocarbon-producing companies must submit: (i) an annual plan for the measurement of emissions ("Annual Plan"); and (ii) a comprehensive five-year plan for the reduction and/or capture of emissions ("Comprehensive Plan" and with the Annual Plan, "Plans") before the Hydrocarbons Sub-Secretariat, which will be in charge of issuing further complementary regulations.
The Resolution aims to (i) promote actions to identify and compute emissions associated with hydrocarbon-producing activities (i.e., exploration and production activities), (ii) systematize the information; and (iii) promote mitigation and reduction plans.
These emissions include, according to the latest National GHG Inventory of Argentina of 2019, all intentional and unintentional emissions from the extraction, processing, storage and transportation of fuels until their final use. For reference, said Inventory indicates that emissions (10.52 MtCO2) represented 2.9% of Argentina's total greenhouse gas emissions and 6% in the energy sector.
Below is a brief detail of the main points of the Resolution:
The Hydrocarbons Sub-Secretariat will issue the complementary regulations in order to enforce the Resolution.
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