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Abandoned Oil Wells

All articles tagged with #abandoned oil wells

environment2 years ago•7 min saved

Charm Industrial Secures $53 Million in Contracts for Carbon Removal

Charm Industrial has secured a $53m contract with Frontier, a public benefit company owned by Stripe, to remove 112,000 tons of carbon dioxide between 2024 and 2030 on behalf of Frontier member companies. Charm will convert excess organic material, such as corn stover, into bio-oil and inject it into abandoned oil wells for permanent storage. The deal is the first of its kind for Frontier and is exponentially larger than previous agreements. Charm's ability to deliver results was the reason for its selection. The company's bio-oil sequestration method is expected to be one of the cheapest and most scalable ways of permanently removing carbon from the atmosphere.

via CNBC|

#abandoned-oil-wells #bio-oil #carbon-removal

environment2 years ago•3 min saved

The $30 Billion Methane Spewing Oil Well Problem in the Gulf of Mexico.

A study published in Nature Energy found that there are 14,000 orphaned oil and gas wells in waters throughout the Gulf of Mexico’s waters and in Alabama, Louisiana, and Texas. Unplugged oil and gas wells can leak methane, a potent greenhouse gas that builds up in the atmosphere. Plugging the wells would prevent environmental damage, but that could cost up to $30 billion, the researchers found. About 13,000 of these abandoned and unplugged wells are in federal or state shallow waters. The study authors explained that those wells should be prioritized for plugging.

via Gizmodo|

#abandoned-oil-wells #environment #environmental-risks