$WPWR Well Power, Inc.’s (WPWR) Licensed Technologies Aligned with Global Push to End Gas Flaring WPWR
Houston-based Well Power is targeting the oil and gas industry with a particular focus on commercializing a patented solution to convert flared, shut-in and stranded gas into clean power and engineered fuels. Using this mobile, high-yield technology licensed from ME Resources Corp. (“MEC”), Well Power aims to reduce waste emission and capitalize on this niche market of the oil and gas industry.
Each year, billions of cubic meters of natural gas are flared at oil production sites all over the world. According to the World Bank Group, gas flaring not only wastes a valuable energy resource, it also contributes to climate change by releasing more than 300 million tons of CO2 into the atmosphere.
In April, The World Bank announced that chief executives from major oil companies, including Royal Dutch Shell (NYSE:RDS-A, NYSE:RDS-B) and Statoil CEO (NYSE:STO), were convening with senior government officials from several oil-producing countries to commit to ending routine gas flaring. Already endorsed by nine countries, 10 oil companies and a handful of development institutions, United Nations Secretary-General Ban Ki-moon and World Bank Group President Jim Yong Kim concurrently launched the “Zero Routine Flaring by 2030” initiative to end routine gas flaring at oil production sites by the year 2030.
“Gas flaring is a visual reminder that we are wastefully sending CO2 into the atmosphere,” Jim Yong Kim stated in an earlier news release. “We can do something about this. Together we can take concrete action to end flaring and to use this valuable natural resource to light the darkness for those without electricity.”
Well Power is gearing up to participate in this broader movement through the commercialization of the licensed Micro-Refinery Unit (MRU), which processes raw natural gas into green fuel (such as diluents, drop-in diesel and pipeline quality synthetic crude) and clean power. MEC’s solution simultaneously reduces CO2 emissions while creating revenue streams with minimal capital expenditure.
Well Power has secured the licensing rights to Texas with the first right of refusal on the other U.S. states, such as North Dakota, where gas flaring is a significant and concern. The company plans to be able to provide its technology with full-service engineering, design, construction, modular fabrication, maintenance and construction management services to clients in the upstream areas of exploration and production.
In addition, Well Power will offer consulting services, process assessments, facility appraisals, feasibility studies, technology evaluations, project finance structuring and support, and multi-client subscription services.
Leveraging the potential of the MRUs, Well Power is aligned with the Zero Routine Flaring by 2030 initiative and offers the opportunity to create value from a wasted resource while enabling wider access to energy, improved environmental conditions, and economic development for local populations.