Well Power, Inc. (WPWR) Recognizes Rising Gas Flaring Concer Well Power, Inc. (WPWR) Recognizes Rising Gas Flaring Concerns as Opportunity
Though gas flaring creates pollution and bleeds millions of dollars in lost taxes and royalties, Houston-based Well Power sees the havoc as an incredible opportunity. As the environmental and economic concerns linked to gas flaring become more apparent, the demand and need for flare reduction is steadily on the rise.
Gas flaring is the burning of natural gas released in oil fracking. Natural gas is carried through the pipelines along with the flow of crude, but increases in drilling easily outpace the equipment, supplies, manpower and services needed to construct gas gathering pipelines. The solution is to flare the gas and convert the waste methane into carbon dioxide, polluting the air with carcinogenic toxins such as benzene. The National Oceanic Administration Association (NOAA) estimates that gas flares pump 400 million tons of carbon dioxide into the atmosphere worldwide each year – the equivalent of emissions from 77 million cars. Obviously, gas flaring is linked to adverse impact on local populations of human and wildlife, often resulting in loss of livelihood and severe health issues.
Then, there’s the economics. While gas flaring takes place worldwide, the performance of oil producers in North Dakota, which flared 96 million cubic feet of natural gas in 2013, are disturbing. Oil producers in North Dakota are permitted to flare tax-free during the first year of a well’s operations, which results in approximately $17 million in lost tax revenue between 2009 and 2012, according to the Center for Effective Government.
Taking into consideration these environmental and economic impacts, gas flaring reduction has the potential to be one of energy and environmental success. Reducing the amount of flared gas will not only benefit local communities, provincial and national governments, but also provides opportunity for the companies offering reduction technologies.
This is where Well Power steps in. The company has the licensing rights to Texas with the first right of refusal on the other U.S. states (including North Dakota) to a new technology solution to process waste natural gas into “clean power” and engineered fuels. The license will allow Well Power to provide the Micro Refinery Unit (MRU) technology, along with engineering, design, construction, maintenance, etc., to clients in the upstream areas of exploration and production.
The MRU is flexible, scalable, modular, mobile, cost effective, energy efficient, high yield, and offers a way to turn waste gas into revenue, making it an attractive solution to oil and gas companies facing federal and civilian pressure to reduce gas flaring.
For more information, visit www.wellpowerinc.com
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