The flaring and venting of natural gas is a major component
of climate change, accounting for approximately 390 million tons of emitted
carbon dioxide each year. In 2013, the total amount of natural gas lost during
production, including gas that was intentionally flared, amounted to an
estimated 65 billion cubic feet, according to a study by the Environmental
Defense Fund. That’s enough to adequately meet the heating and cooking needs of
approximately 1.6 million homes. Well Power, Inc. (OTCQB: WPWR), through the
continued development of its innovative Micro-Refinery Unit (MRU), is working
on addressing this issue by providing a financially-viable method of harnessing
and utilizing natural gas that would otherwise be wasted.
From a financial standpoint, approximately $50 billion of
natural gas is wasted through flaring practices each year, according to World
Bank. Despite the value of this natural resource, the costs associated with
transport make flaring a favorable alternative in many oil producing regions.
The MRU provides the means for on-site processing of the gas, eliminating the
need for costly infrastructure while enhancing the value of produced natural
gas.
Utilizing a proprietary conversion system, Well Power’s MRU
is designed to allow for the transformation of natural gas into a variety of
valued end products – including engineered fuels, electric power, heat and
ammonia. As a fully mobile solution, the company’s technology can be deployed
near the wellhead, making it a financially-viable alternative to excessive gas
flaring.
As of its latest update, Well Power remained in the
developmental stage with its licensed MRU technology, finalizing preparations
to commence distribution throughout the State of Texas before expanding into
other geographical areas. As it closes in on the completion of its MRU
prototype, Well Power will look to leverage the increasing political and
environmental pressure surrounding the flaring practices of the oil and gas
industry in order to maximize its market impact.
For more information, visit www.wellpowerinc.com
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