Crbon Labs Inc. has completed the first plugging of an orphan gas well in Canada and is pleased to announce its collaboration with U.S. Venture, Inc. and its U.S. Energy® team who has acquired 100% of the corresponding High Fidelity Crbon™ credits from the project.
U.S. Energy®, a U.S. Venture company, recently recognized by Quantum Commodity Intelligence (QCI) as one of the largest carbon market intermediaries by volume, will blend the credits into portfolios across a range of geographies and technologies to help organizations achieve their sustainability goals.
Plugging wells like this one in Wainwright, Canada, immediately and permanently eliminates methane gas emissions, one of the most potent greenhouse gases (GHGs). The comprehensive American Carbon Registry Plugging Orphaned Oil & Gas Wells (ACR OOG V1) methodology used on the project provides one of the viable pathways to accelerate the permanent plugging, remediation and restoration of the more than 3 million old idle and orphan oil and gas wells across North America.
“This was the first project of its kind in Canada,” shared Cory Bergh, president and CEO at Crbon Labs. “Our methane abatement efforts drive immediate impact well beyond just emission reductions. The project employed more than 60 professionals across 20 disciplines, restored the wellsite to healthy productive farmland, and distributed a portion of the project proceeds back into the community to help fund training for the local fire department.”
“This project is credited with preventing ~85,000 metric tons of CO2e from entering the atmosphere over the next 20 years, and we’re positioned to connect these credits with buyers,” shared Mike Koel, president of U.S. Energy. “Our team has a deep tenure in marketing credits from renewable natural gas (RNG) and carbon projects in the voluntary space. We know organizations are seeking high-quality credits that allow immediate progress on sustainability goals, and through this methodology, they’re supporting projects with a lasting impact.”
The collaboration between Crbon Labs and U.S. Energy is an example of Canadian and American businesses working together to address a problem that knows no borders. The emissions eliminated by the project equate to one year of operation of more than 18,000 cars.
Crbon Labs’ vision is to eliminate 500 million tonnes of greenhouse gas emissions, which will have a tangible impact on both global emissions and thousands of local communities.
