Well Power, a
development-stage company focused on distributing micro-refinery units in Texas
and around the world, is seeing growing pressure from environmental groups at
the state and federal levels concerning the sore topic of gas flaring. Analysts
within the oil and gas production industry anticipate what they refer to as the
forthcoming, increasingly tighter restrictions in an effort to curtail the
practice.
Just this month, several
new items have become apparent. In North Dakota, a new Senate bill designed to
levy taxes and royalties on wasted natural gas within 14 days after a well
begins production has been put forth, representing a sharp reduction from the
12 months which companies are currently being afforded.
Wyoming is also watching
the introduction of a House bill calling for gas flaring taxes with lost
revenues for the state being promoted as a primary justification. North Dakota
legislators argue some $11.5 million in gross production tax revenues could be
collected if their legislation is passed. In Wyoming’s Powder River Basin, a
nearly identical dollar total was flared in the first ten months of 2014 alone,
according to analysis by Casper’s Star-Tribune.
Essential to WPWR’s
strategic operating position in the market, the company leverages its license
to integrate technologies such as the Micro-Refinery Unit (MRU) system
developed by Canada-based ME Resource Corp. The MRU technology, a unique
combination of proven commercial technologies and a proprietary micro-reactor
system to handle the hydrocarbon processing and catalytic reactions, converts
flared, stranded, or vented gas into either on-site clean electricity, or
readily saleable Engineered Fuels™ like diluents, no-sulfur drop-in diesel, and
pipeline-quality synthetic crude.
Well Power focuses on
distributing micro-refinery units in Texas and internationally. The company
also intends to provide oil and gas producers and operators a solution to
process wasted natural gas, including stranded, shut-in, flared, and vented
gas; and produce engineered fuel and electrical power.
For more information on
the company, visit www.wellpowerinc.com
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