Zefiro Methane Corp., which plugs orphaned and abandoned oil and gas wells in North America to create carbon credits, has pre-sold some of the portfolio to trader Mercuria Energy America LLC. Zefiro’s current projects include plugging abandoned or orphaned wells in the Appalachian Basin and Texas-Louisiana-Mississippi Salt Basins. “For too long, investors have not had…
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California Well Abandonments Outpacing Drilling Permits
California oil and natural gas permits for well abandonments to date this year are twice the number of new drilling permits being sought, according to regulators. The California Geologic Energy Management Division (CalGEM) said it has received the lowest number of well stimulation permit applications since late 2016 when state Senate Bill 4 took effect.…
Briefs — Colorado Orphan Well Bill
Colorado Gov. John Hickenlooper has signed into law a bill to direct excess environmental-related funds to the long-term mitigation of abandoned oil and natural gas wells. House Bill 18-1098 addresses the adverse impacts from drilling activities administered by the Colorado Oil and Gas Conservation Commission and mandates that any excess funds in the account at the end of each fiscal year not be diverted to a broader state fund.
North Dakota Reconsidering Inactive Well Policy
North Dakota, home to the Bakken Shale, may revise its policy for inactive oil and gas wells, which now allows one year before penalties can be imposed on operators.