This report addresses the global concern surrounding methane emissions, particularly in Oil and Gas (O&G) facilities, due to their significant contribution to climate change. Methane emissions can occur by design or unintentional loss of containment, with fugitive emissions being challenging to mitigate. The document explores the recent wave of innovation in methane detection technologies, ranging from handheld systems to satellites. The Alberta Energy Regulator (AER) currently uses standard methods, such as optical gas imaging, and allows for alternative methane detection technologies through the alternative Fugitive Emissions Monitoring Plan (alt-FEMP) program. The report analyzes various standard FEMP scenarios, modeling a generic alt-FEMP program for equivalent outcomes. Using the Leak Detection and Repair Simulator (LDAR-Sim), the report evaluates a range of alt-FEMP programs based on mobile and stationary methods, considering key performance criteria. The results present equivalency matrices, offering operators a variety of options emphasizing the importance of quickly detecting and repairing large emission events. The study underscores the need for emissions reduction equivalency and provides insights into selecting alt-FEMP programs aligned with regulatory requirements and industry standards.