QualityStocks would like to highlight
Well Power Inc. (
OTCQB: WPWR). The company has secured the licensing rights to Texas with the first right of refusal on the other US states to a new technology solution to process waste natural gas, such as vented, flared or stranded gas, into “clean power” and engineered fuels, including no-sulphur diesel and diluents. Based on proprietary technology, this solution is mobile, high-yield and can be deployed with minimum capital expenditure.
In the company’s news,
Well Power knows gas flaring is one of the most challenging energy and environmental problems facing the world today. With 150 billion cubic meters of natural gas being flared in the world each year, it represents an enormous waste of natural resources and contributes 400 million metric tons of CO2 equivalent global greenhouse gas emissions into the atmosphere.
Degradation of the environment associated with gas flaring has a significant impact on local populations, often resulting in loss of livelihood and severe health issues. Annual global flaring is equivalent to about 30 percent of the total yearly gas requirements of the entire European Union, or the annual residential gas consumption in the United States.
These problems are precisely what continuing discussions between WPWR and MEC Resources are focused on. More specifically, Well Power is 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 flared gas in these areas.
Well Power and MEC continue to develop the MRU and plan to deploy the first test unit later this year. While the MRU discussions are occurring, the amount of expelled gas in states like Texas, North Dakota and Wyoming accounts for over half of the flared gas in the entire country. Beyond obvious health and environmental concerns, flaring also results in the loss of billions of dollars due to undervalued gases that could be captured valuable end products are lost into the air.
Gas flaring reduction can be a significant 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 some governments, flare reduction is an opportunity to create value from a wasted resource and allow for wider access to energy, improved environmental conditions, and economic development for local populations.
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