ClimateWells develops carbon credit projects that focus on decommissioning marginal oil and gas wells, which contribute over 50% of oilfield methane emissions despite accounting for less than 6% of production. By permanently shutting down these low-production wells, the company eliminates more than 1.5 billion tons of CO2 emissions annually, creating verified carbon credits that benefit both the climate and local communities.
Funding
Funding not disclosed
Founders
Product
Problem
Marginal oil and gas wells, while representing a small fraction of total production, contribute disproportionately to oilfield methane emissions. The continued operation of these wells poses a significant environmental challenge due to methane's potent greenhouse gas effect.
Solution
ClimateWells develops carbon credit projects centered around the permanent decommissioning of marginal oil and gas wells. By plugging these low-production wells, ClimateWells eliminates the ongoing emissions associated with their operation, preventing the release of methane and other greenhouse gases. These avoided emissions are then quantified and verified, resulting in high-quality carbon credits. These carbon credits provide immediate climate benefits and support local communities.
Target Audience
ClimateWells' primary customers are organizations seeking high-quality, verifiable carbon credits with a focus on immediate and local environmental impact.
Features
- Focus on decommissioning marginal oil and gas wells, which account for over 50% of oilfield methane emissions.
- Utilizes the Oil Climate Index (OCI+) developed by the Rocky Mountain Institute (RMI) for emissions quantification.
- Projects are independently verified and registered to ensure tangible climate impact.
- Plugging wells creates permanent carbon storage.