On May 17, Marcellus Drilling News reported Zefiro Methane Corp. announced it has acquired a majority ownership stake in McKean County-based Plants & Goodwin for the purpose of plugging orphan and abandoned oil and gas wells to create methane emission offsets.

Zefiro said this acquisition will position the company to address the burden to communities posed by millions of non-productive wells left idle by oil and gas producers over recent decades.

Curt Hopkins, CEO of Zefiro, points out that this allows the company “to provide an immediate solution, at scale, to this long-standing and often environmentally dangerous legacy problem.”

Zefiro plans a roll-out to various states across the country.

Steve Plants, P&G President of Abandonment Operations said, “Our family has been plugging wells for more than 50 years and our partnership with Zefiro is a game-changer for finally bringing about a large-scale, nationwide solution to methane emissions from abandoned wells.”

Luke Plants, CEO of P&G said, “Public concern and awareness about the health and environmental implications of orphaned oil and gas wells is at an all-time high. And with the federal government behind a solution and the support of Zefiro, we will be among the first to tackle the problem and take our experience and lessons learned to other basins across the U.S.”

Under executive leadership that includes members of the former carbon market team at J.P. Morgan, Zefiro actively deploys crews to decommission wells throughout the United States.

In addition, with unprecedented global demand for carbon offsets as corporations and institutions work towards net-zero targets, Zefiro’s methane emission reductions strategically align with industry leaders for a greener future.

Zefiro’s Founder & Chairman, Talal Debs, PhD., said, “Zefiro’s strategy is to integrate real (physical process) innovation with new forms of capital, through the ‘environmental’ credit markets; the result will be a new kind of enterprise. By enlisting veteran operators like Plants & Goodwin, we are taking the first big step to making our unique vision a reality.”

Click Here for the complete announcement.

For more information on oil and gas well plugging in Pennsylvania, visit DEP’s Oil & Gas Bipartisan Infrastructure Law Program webpage.

(Photo: Well plugging from Plants & Goodwin.)

NewsClip:

-- Marcellus Drilling News: Canadian Methane Offsets Co. Buys Northwest PA Well Plugging Co.  [PaEN]

Related Articles:

-- EDF: Pennsylvania Has 55,000 Oil/Gas Wells At High Risk Of Being Abandoned; 51,000 Wells At Risk Of Being Transferred To Low Solvency Owners; Current Conventional Well Owners Abandon 561 Wells A Year, On Average   [PaEN]

-- House Hearing: Let’s Work Together To Make Conventional Oil & Gas Industry Practices Cleaner, Respect Property Rights, Protect Taxpayers And Prevent New Abandoned Wells   [PaEN]

[Posted: May 17, 2023]

5/22/2023