Today, the U.S. Department of Energy’s (DOE) Loan Programs Office (LPO) announced a conditional commitment to LongPath Technologies, Inc. (LongPath) for an up to $189 million loan guarantee to support the fabrication and installation of a real-time methane emissions monitoring network in U.S. oil and gas production basins across Colorado, Kansas, New Mexico, North Dakota, Oklahoma, and Texas.
LongPath’s "Active Emissions Overwatch System" project aims to scale to cover 25 million acres of land with large-area remote methane monitors, providing emissions detection, location, and quantification services for tens of thousands of oil and gas sites through a subscription service. Read LPO’s full LongPath project conditional commitment announcement for more details:
If finalized, the LongPath network is estimated to prevent at least six million tons of carbon dioxide greenhouse gas emissions annually—equivalent to taking 1.3 million gasoline powered vehicles off the road—by enabling subscribers to identify and respond to methane leaks quickly. Once fully deployed, the project at its peak is anticipated to create an estimated 35 construction jobs and 266 operations jobs for regional workers, including trained experts to install and maintain the equipment, and provide competitive benefits.
As with all conditional commitments that LPO offers, it's important to note that the expected DOE loan will only be issued pending the satisfaction of certain conditions, including final technical, legal, commercial, contractual, or other milestones that the conditional commitment specifies.
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