Well Power, Inc. (WPWR) Addressing Gas Flaring as the Oil and Gas Industry Begins to Search for Solutions
Royal Dutch Shell, Statoil, Kuwait Oil Co., Russia, Norway and the Asian Development Bank were among 25 major oil companies and oil-producing nations that recently agreed to end the practice of natural gas flaring by 2030 at oil production sites around the globe, according to the Wall Street Journal. A report by The World Bank indicates that gas flaring, which is a commonly used method of removing unwanted natural gas from oil wells, currently accounts for the waste of over 5.3 trillion cubic feet of natural gas annually. Well Power, Inc. (OTCQB: WPWR), through its licensing agreement with ME Resources Corp., is working on a way to change that.
In the United States, the amount of gas flared each year is the equivalent of one quarter of the country’s total gas consumption. This is because, in many cases, oil production sites lack the necessary infrastructure to make transporting natural gas an economically viable solution. By utilizing Well Power’s upcoming Micro-Refinery Unit (MRU), oil production companies may gain access to a more cost effective, ecofriendly method of processing the undervalued byproduct.
The company’s MRU is a flexible, modular solution that can be custom configured to meet the needs of individual well sites. Using proprietary technology, the system converts excess natural gas into a variety of valued end products including Engineered Fuels, electric power and heat, which can be harnessed onsite to provide an energy efficient solution to traditionally costly services or transported to the market in order to introduce additional revenue streams.
As Well Power continues to build and fine-tune its prototype unit, it appears the market for the company’s technology is reaching an all-time high.
“The government sees petroleum gas flaring as a waste of valuable resource and a very harmful practice for global climate,” stated Andrei Lushin, World Bank Group Executive Director for Russia, and this is far from an isolated opinion. Around the world, oil-producing countries are increasingly vocal about the downsides of gas flaring.
With the market for natural gas expected to remain relatively steady moving forward and the global focus on more environmentally responsible practices continuing to increase, it’s clear that the industry is ready for a new way of thinking about flared gas. For this reason, the coming years look to be an exciting time for investors and shareholders of Well Power.
For more information, visit www.wellpowerinc.com
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