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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