A Major Environmental Problem
There are at least 3.2 million known abandoned oil wells in the United States, though according to the EPA, the number could be three times higher.* More than half are estimated to be in just three states: Oklahoma, Texas, and Pennsylvania.
Unplugged, abandoned, and otherwise distressed oil wells impose heavy climate costs, risks to local environments, and public safety concerns. These wells can leak liquids like oil and brine, and emit methane and other air pollutants that damage local air quality and contribute to climate change.
With the right technologies and operational approach, reactivating abandoned wells relieves the financial burden on states and taxpayers, mitigates possible environmental damage, and offers a solid potential for profit.
Broad Policy Support
The Center for American Progress proposed that the US Congress create a $2 billion fund to plug abandoned wells, estimating it could remediate 57,000 wells and support up to 24,000 jobs.
Greenpeace proposed a $4 billion, five year funding stream that would plug an estimated 250,000 abandoned wells.
Resources for the Future proposed that the United States government fund a program to plug up to 500,000 abandoned wells at a cost of up to $24 billion, estimating it would create up to 120,000 jobs nationwide for laid-off oil and gas workers.
Principal Solar’s E-3 Petroleum operating subsidiary corporation houses the company’s investments and acquisitions in oil and gas producing properties, which are located primarily in Texas and Oklahoma.
E-3 has partnered with experienced oil & gas services and equipment provider Double-H Services to manage the rehabilitation and operations of the wells on these properties.
Click here to learn more about E-3.
Principal Solar and Tokata Oil Recovery Systems
Principal has licensed the exclusive rights to the TORS oil recovery system, which enables the profitable, low cost, and environmentally responsible lifting of oil from abandoned wells. The TORS system utilizes proprietary technology to cost-effectively lift oil from abandoned wells, utilizing minimal infrastructure while maintaining environmental integrity.
Principal is thereby able to invest in or acquire undervalued wells that would otherwise not be cost-effective to reactivate.
Learn more about Tokata Oil Recovery here.