DevvStream Holdings Inc. (“DevvStream” or the “Company”) (NEO:DESG), a leading carbon credit investment firm specializing in technology solutions, is pleased to announce significant initial developments in its future methane abatement offset program (the “Offset Program”) centered around the high-volume plugging of abandoned oil and gas wells with next-generation sealant technologies developed by its partner TS-Nano.
The Offset Program has completed the sealing of 7 wells with a high rate of success, generating impermeable cement plugs and closing off microcracks in existing cement barriers, which prevents the migration of CO2 and methane to the surface.
These successful tests represent critical progress toward the Company’s goal of using its Offset Program to address the estimated 3 million decommissioned oil and gas wells in the U.S. and the estimated 225,000 in Canada, all of which typically emit considerable quantities of methane into the atmosphere.
Reducing methane emissions is critically important in the fight against climate change, with methane release being responsible for roughly 30% of the increase in global temperatures since the pre-industrial era. Methane is up to 80 times more potent than carbon dioxide at trapping heat over the first 20 years after it reaches the atmosphere.
“Methane emissions are one of the most prolific contributors to climate change, and are also one of the most insidious,” said Sunny Trinh, CEO of DevvStream.
“Tackling the methane problem by sealing abandoned oil and gas wells is a significant challenge, but thanks to the proprietary nano-based technology developed by TS-Nano, we now have a tested, field-proven method for closing extremely thin microcracks (below 30 microns) in existing wellhead barriers. We’re pleased that TS-Nano has successfully capped the first round of test wells, validating the sealant application process in real-world environments and scenarios. Once the American Carbon Registry approves the methodology surrounding quantification, monitoring, reporting and verification, we will be poised and ready to generate carbon credits that will deliver previously unrealized economic benefits for oil and gas operators while providing a valuable asset for corporations and governments in their ongoing work toward Net Zero.”
As part of its continued efforts to make the Offset Program more efficient, affordable, and scalable moving forward, DevvStream has filed a second provisional patent application outlining its innovative programmatic approach to wellbore project management and carbon credit generation.
Similar to the Company’s provisional patent applications filed in January (as described in the Company’s news release dated January 25, 2023), this provisional patent application leverages the UNFCC CDM’s Program of Activities (or PoA) approach, recognized internationally, to aggregate multiple mitigation activities across multiple oil wells into a single offset project.
This umbrella approach will allow the Company to aggregate multiple abandoned and orphaned wellbores together under a single offset project, resulting in several anticipated improvements in efficiency, cost, and scalability.
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