Orphan-Well Plugging Project in Oklahoma
Scores in Top 6% of 430+ Projects BeZero Has Rated Globally
TULSA,
Okla., June 20, 2024 /PRNewswire/ -- Rebellion
Energy Solutions' initial methane-abatement project on June 12 received a BeZero Carbon Rating of
"A."
The designation from the independent, global carbon-credits
ratings agency ranks Rebellion's project in the top 6% of projects
on which BeZero has issued ratings.
The A rating represents agency's opinion at publication of a
"high likelihood" that each carbon credit generated by Rebellion's
project will avoid one metric ton of CO2e. BeZero's
review assesses various factors, such as additionality, crediting
accuracy and permanence.
"This A rating of Rebellion's initial methane-abatement project
is additional validation of our strategy to generate high-quality
carbon credits by tackling the environmental and health and human
safety problem that orphan oil and gas wells create," said
Rebellion CEO Staci Taruscio. "By
plugging orphan oil and gas wells, we have generated
methane-abatement credits with a certain, verified and immediate
positive effect that will endure.
"We believe that the generation and sale of high-quality carbon
credits from permanently plugging orphan wells can develop into a
sustainable source of private financing for critical methane
abatement and land restoration."
For this BeZero-rated project, Rebellion in January received
80,792 metric tons CO2 equivalent (CO2e) of
methane-abatement credits issued by the global carbon-crediting
program, ACR at Winrock International.
Rebellion's credits for its initial project – Heartland Methane
Abatement and Land Restoration Project (ACR890) – are the first and
only, to date, that ACR has issued under its rigorous methodology
for plugging orphan oil and gas wells.
In addition to its initial project, Rebellion has two similar
projects (ACR966 and ACR1023) listed with ACR.
ACR in 2023 published the world's first methodology to leverage
carbon markets to finance the plugging of orphan oil and gas
wells.
About Rebellion's A-Rated Project
The volume of CO2e abated in Rebellion's Heartland
Project (ACR890) is equivalent to more than 9 million gallons of
gasoline consumed, according to the U.S. EPA's greenhouse gas
equivalencies calculator. Rebellion's project also ties to key
United Nations Sustainable Development Goals and mitigates legacy
impacts for landowners and surrounding communities.
Rebellion designed the project, located in a historic
oil-and-gas production basin in Oklahoma, to ensure the leaking methane is
trapped thousands of feet below the surface. In addition, Rebellion
worked with local landowners to restore the surface lands, which is
beyond the scope of ACR's methodology.
The wells Rebellion plugged are more than 40 years old and had
been unattended for more than a decade – with no ongoing
maintenance or plugging activity to ensure well integrity and no
assigned responsibility to complete the lifecycle of the wells.
Rebellion assumed operational responsibility for the orphaned wells
from the state government and privately funded the plugging and
land-restoration. No state or federal funds were available for this
work.
The project credits are listed on the ACX Carbon Market Board
for trading and settlement. Rebellion's credits constitute the
inaugural listing of ACR-standard carbon credits on ACX Ltd., a
leading environmental-markets exchange.
The Orphan Well Problem
Orphan wells are abandoned, unplugged, inactive oil and gas
wells that are wards of the state – with no solvent owner of
record. In addition to leaking methane – a potent, fast-acting
greenhouse gas - many of these wells are in disrepair and are
leaking other toxic chemicals that pollute the air, contaminate
groundwater, degrade soil, damage ecosystems and pose human health
and well-being risks to the surrounding community.
Additional Data for Interested Parties
Parties interested in learning more and/or purchasing these
methane-abatement credits may contact Rebellion at
data@rebellionenergy.com to request access to the Heartland Project
data room, which provides a robust level of technical information
on the project and the credits.
About Rebellion Energy Solutions
https://rebellionenergy.com
Rebellion Energy Solutions, a portfolio company of Grey Rock
Investment Partners, is headquartered in Tulsa, Okla. Rebellion is a woman-led business
with a multi-disciplinary team of experts committed to creating
sustainable solutions through oilfield cleanup and environmental
justice in a comprehensive effort to restore the land, reduce
harmful carbon emissions, and create taxable revenue streams for
communities.
About Grey Rock Investment Partners
https://www.grey-rock.com/
Grey Rock Investment Partners is a private equity firm with more
than $1 billion in asset value across
its private equity fund platform. Grey Rock invests across the
energy value chain with private equity funds focusing on
investments in natural resources, carbon capture, industrial
electrification, and reduction of methane emissions.
Forward-Looking Statement
Certain statements in this article may constitute
"forward-looking statements." The forward-looking statements
in the article reflect the management team's best judgment at the
time they are made, but all such statements are subject to numerous
risks and uncertainties, which could cause actual results to differ
materially from those expressed in or implied by the statements
herein. Estimates of future performance reflect various assumptions
that may or may not prove accurate, as well as the exercise of a
substantial degree of judgment by the management team as to the
scope and presentation of such information. Readers are cautioned
not to place undue reliance on any forward-looking statements that
may be contained herein. The company and management team do not
intend to, and do not undertake any obligation to, update the
forward-looking statements contained herein.
For more information:
Kerry Malone
kerry@schnake.com
918-625-4958
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SOURCE Rebellion Energy Solutions