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Oil and gas activities are a major source of methane and in recent years multiple companies have made pledges to cut their emissions of this potent greenhouse gas. Satellites are a promising technology, but their relevance to emissions reconciliation and reporting has not yet been independently established. In this review paper, we assess the capabilities of satellites to determine their role in emissions detection, reconciling and reporting in the upstream section of the oil and gas value chain. In reconciling, satellites have a role in verifying emissions estimated by other technologies, as well as in determining what is causing discrepancies in emission estimates. There are many limitations to satellite usage which need to be addressed before their widescale or routine use by the sector, particularly relating to where they can be used, and high uncertainty associated with their emission estimates. However, where limitations are overcome, satellites could potentially transform the way emissions are reconciled and reported through long-term monitoring, building emission profiles, and tracking whether emission targets are being met. Satellites are valuable tools, not just to the oil and gas sector but to international governments and organisations, as abating methane is crucial for achieving Paris Agreement ambitions.