Dwayne Purvis News Today

Water is bursting from another abandoned West Texas oil well, continuing a troubling trend

Money previously set aside to clean up wells on federal land would have covered the cost of fewer than 1 out of 100, and a majority of the country’s wells will need to be plugged soon.

Money previously set aside to clean up wells on federal land would have covered the cost of fewer than 1 out of 100, according to the government’s own estimates, and the vast majority of the country’s wells sit inactive or barely producing, meaning they’ll soon need to be plugged. The post Oil companies must set aside more money to plug wells, a new rule says. But it won’t be enough. appeared first on Pennsylvania Capital-Star.

The new Bureau of Land Management regulation, which applies to nearly 90,000 wells on federal public land, is hampered by math errors and overly optimistic cost projections.

This article first appeared at ProPublica and Capital and Main. ProPublica is a Pulitzer Prize-winning investigative newsroom. Sign up for The Big Story…

Unplugged oil and gas wells accelerate climate change, threaten public health and risk hitting taxpayers’ pocketbooks. ProPublica and Capital & Main found that the money set aside to fix the problem falls woefully short of the impending cost.

Abandonment costs have now become “a focus area for the SEC”, and disclosures to the SEC must include all asset retirement obligations reported as both discounted and undiscounted figures.

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The bill, which awaits a decision by Gov. Gavin Newsom, follows ProPublica’s reporting on the multibillion-dollar cost to clean up California’s oil and gas industry and the exodus of major companies shifting ownership of thousands of aging wells.

The AAAS EPI Center is hosting a virtual half-day symposium to explore the landscape of carbon credit markets with respect to reductions in greenhouse gas emissions in the oil and gas sector. Presentations and discussions will include the relevant science, methodologies, and procedures related to quantifying, monitoring, and verifying reductions in greenhouse gas emissions from the oil and gas sector. Additional content will focus on the opportunities and risks related to carbon credits for prop...