The quarterly PACE meeting was held in Copenhagen, Denmark 25th April 2024. The theme of the meeting was Sustainability in P&A.
PACE is a collaborative environment focusing on plugging & abandonment (P&A) within the oil & gas industry.
Metharc presented its development of a completion tool for oil & gas decarbonisation in the wellbore, where the installation of this new completion repurposes existing wellbores to improve infrastructure lifetime economics by delaying well P&A. The wellbore tool converts oil & gas to hydrogen inside, from which the downhole generated CO2 is simultaneously diverted into surrounding geology for carbon capture (CCS). The process becomes self-sustainable, reducing energy input requirements from surface. These existing oil & gas fields then become hydrogen assets due to a more immediate, direct, and effective route to carbon footprint reduction and net zero goals. This downhole generation of hydrogen enables the continued economic and sustainable exploitation of oil & gas, future-proofing energy production from existing fields. Ensuring carbon doesn’t reach surface (our atmosphere) will give significant economic savings in downstream requirements for surface CCS processes, creating a hydrogen economy that produces zero carbon while reducing their environmental carbon footprint. By potentially allowing the rebranding of oil & gas reserves as hydrogen reserves, as zero carbon will be produced to surface, this will in turn reduce or eliminate the Terminal Value Risk facing many oil & gas producers.
Our patented process will provide multiple revenue streams and reduce carbon taxes, which will breathe life into old oil & gas brown-field developments, enabling ‘marginal’ projects to proceed.
Please reach out to request a copy of the presentation.
A big thanks to Dawn Dukes and Michele Turitto at OTM, and the PACE committee for extending the invitation to Metharc and the opportunity to present our innovative solution.
We are a Danish deep-tech startup, developing novel hydrogen production & CCS technology for the oil & gas, biogas and geothermal industries.
Energy Security, with Zero Carbon to Surface
