Several regulatory policies have been implemented in the past five years on methane mitigation and oil sands industry emission in Alberta, Canada; however, most effective technologies in methane reduction remain to be explored in the context of these new policies in the Alberta oil sands industry. The purpose of this research was to determine the most effective technologies, based on economic and environmental criteria, to mitigate methane emissions from Alberta’s upstream oil sands processes. This was achieved through qualitative analysis of current technologies, and the development and application of a qualitative risk analysis and quantitative cost-benefit analysis considering economic and environmental factors. I concluded that high risk technologies have the lowest ratio of cost to environmental benefit and suggest that more effective technologies incur a greater risk to the industry; conversely, precise emission inventories need to be completed in order to identify areas of high emissions in individual cases.