The strong radiative forcing by atmospheric methane has stimulated interest in identifying natural and anthropogenic sources of this potent greenhouse gas. Point sources are important targets for quantification, and anthropogenic targets have potential for emissions reduction. Methane point source plume detection and concentration retrieval have been previously demonstrated using data from the Airborne Visible InfraRed Imaging Spectrometer Next Generation (AVIRIS-NG). Current quantitative methods have tradeoffs between computational requirements and retrieval accuracy, creating obstacles for processing real-time data or large datasets from flight campaigns. We present a new computationally efficient algorithm that applies sparsity and an albedo correction to matched filter retrieval of trace gas concentration-pathlength. The new algorithm was tested using AVIRIS-NG data acquired over several point source plumes in Ahmedabad, India. The algorithm was validated using simulated AVIRIS-NG data including synthetic plumes of known methane concentration. Sparsity and albedo correction together reduced the root mean squared error of retrieved methane concentration-pathlength enhancement by 60.7% compared with a previous robust matched filter method. Background noise was reduced by a factor of 2.64. The new algorithm was able to process the entire 300 flightline 2016 AVIRIS-NG India campaign in just over 8 hours on a desktop computer with GPU acceleration.