"The rule updates 30-year old regulations governing venting, flaring and leaks of natural gas, and will help curb waste of public resources, reduce harmful methane emissions and provide a fair return on public resources for federal taxpayers, tribes and states," the release stated on Tuesday.
The rule will require oil and gas producers to use currently available technologies and processes to cut flaring in half at oil wells on public and tribal lands.
Natural gas, which primarily consists of methane, is often flared or burnt as a waste product at oil and gas wells.
The press release explained that natural gas lost between 2009 and 2015 was enough to supply more than 6 million households annually.
Methane is also considered a potent greenhouse gas believed responsible for global warming.
The new rule is expected to cut methane emissions by as much as 35 percent, the release noted.
