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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