Thursday, September 25, 2014

Well Power Inc. (WPWR) Endeavors to Shrink Negative Environmental Impact of Gas Flaring

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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