The focus on the wasteful process of gas
flaring continues to gain steam in both the private and public sectors. In
addition to recently announced agreements from 25 major oil companies and oil
producing nations to end the practice at drilling locations around the globe by
2030, UPI reports that democrats from both the House and Senate issued a letter
to U.S. Interior Secretary Sally Jewel urging more strict regulations on
flaring wastes.
“Eliminating this waste not only would
reduce greenhouse gas emissions equal to removing some 3.1 million cars from
the road,” the letter read, “but would generate $23 million annual for the
[federal government]. “
The push for regulatory changes could
spell massive growth opportunities for Well Power, Inc. (OTCQB: WPWR), as the
company prepares to commercialize a scalable, mobile and cost efficient way to
utilize unwanted natural gas. Through an exclusive licensing arrangement with
Canada-based ME Resource Corp., Well Power is currently completing a prototype
Micro-Refinery Unit (MRU) that will provide oil and gas producers with an
economically viable solution to currently wasted natural gas deposits.
“If no serious costs are imposed by the
state for flaring,” the letter continued, “the competitive nature of the
industry encourages companies to flare in order to maximize current income at
the expense of future energy supplies and future global warming.”
While developing the proper
infrastructure to transport excess natural gas to market isn’t always feasible
from an economic perspective, Well Power’s MRU solution give the industry more
incentive to eliminate the flaring practice. Utilizing the high-yield unit,
drilling companies will be able to transform undervalued gas into a variety of
more valuable end products, including engineered fuels, electric power and
heat. This provides the potential for significant savings on top of the obvious
environmental benefits.
According to the Railroad Commission of
Texas, approximately 1.3 percent of all gas produced in the state is currently
being wasted through flaring practices. This is largely as a result of current
flaring regulations, which allow for the issuance of flaring permits for up to
180 consecutive days in some cases. By producing a more fiscally practical
method of dealing with this waste, Well Power opens the door for significant
growth in the years to come. As the company’s MRU approaches commercialization,
it’s an exciting time for investors of Well Power.
For more information, visit www.wellpowerinc.com
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