Well
Power has a keen understanding of the world’s gas flaring problem. For this
reason, company efforts are centered on developing and delivering solutions to
the oil and gas industry offering it the ability to reduce its waste while
helping to shrink this generation’s carbon footprint. Widely accepted among
industry experts, there are approximately 150 billion cubic meters of natural
gas being flared in the world each year, representing a gross waste of natural
resources. Every year, approximately 140-150 billion cubic meters (bcm) of
natural gas is flared into the atmosphere. According to calculations by the World
Bank, that equals three quarters of Russia’s gas exports, or approximately one
third of the European Union’s gas consumption.
Gas
flaring is commonly defined as, ‘the burning of natural gas associated with oil
extraction processes.’ When you drill for oil, you also get gas. In a perfect
world this associated gas would be sold to consumers, or it would be used to
generate power and then resold as electricity. But this requires costly
investment into pipelines, power plants, and other infrastructure. Therefore,
in practice, some oil producers opt to sell the oil and burn the gas.
What
is even more regrettable from an environmental perspective is that 140-150 bcm
of flared natural gas translates into 270-290 million tons of C02 emissions per
year. Accounting for roughly 1% of global carbon emissions, gas flaring is only
a minor contributor to climate change. Regardless, the practice is despicable
as no economic advantage or human welfare is generated in the process. WPWR and
its partner, MEC resources are focused on reversing this trend.
Well
Power has engaged with MEC Resources to distribute a Micro-Refinery Unit (MRU)
which it has licensed from the company to the states of Texas, North Dakota,
Oklahoma, Wyoming, New Mexico and Colorado. Well Power is pursuing this
arrangement due to the increase of the gas flaring problem in these states.
Gas
flaring reduction has the potential to become an environmental success story.
For the oil and gas industry, environmental compliance requirements continue to
increase as a result of recent events like the spill in the Gulf of Mexico.
Finding the right partnerships to eliminate flaring as we know it and efforts
to minimize new flaring provides the industry an opportunity to take a
leadership role on sustainable resource development and energy efficiency.
For
more information on the company visit www.wellpowerinc.com
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