CASPER, Wyo., March 16, 2021 /PRNewswire/ -- Regulations steps on the foot of the producers. Gas flaring exemption permits are harder to get. The whole O&G industry has been waiting for a solution to the practice of flaring for years, and while some solutions have been introduced, none are widely adopted. Wesco Operating, Inc.'s oil field is located in Utah and has been no stranger to gas flaring. Finally, Wesco saw the opportunity for their organization in the new Smartgrid flaring mitigation systems by EZ Blockchain. This system converts natural gas into electricity which is used to power crypto mining operations. The solutions delivered expected results to the company, and Wesco recognized the long-term sustainability and two-way benefits in the new EZ Blockchain model to monetize natural gas while reducing flaring.
Wesco learned about the EZ Blockchain "Smartbox" technology early in 2020 and saw a new outcome for flaring where everyone could win.
At the time Wesco contacted EZ Blockchain, they were producing around 240,000 scf of natural gas a day that was flared and wasted. First EZ Smartgrid Flaring Mitigation System included a 30-foot mobile data center Smartbox and a generator. It was rapidly deployed in October 2020 over a two days span. Early results were so promising that right after the first container's deployment, Wesco increased the scale of the project by 200% (to a total power capacity of 1 MW) with the purchase of another 20-ft EZ Smarttank Container equipped with efficient crypto mining equipment. In February 2021, a fully operational crypto mining system reduced gas flaring to 0 mcf a day.
The future of this oil company now includes natural gas monetization. The added benefits from the crypto mining gains Wesco and EZ Blockchain even more growth potential in months to come.
About flaring: When drilling for oil, natural gas is released as a byproduct. Without the necessary infrastructure to transport that gas to a processing plant and eventually to the market, oil companies like Wesco have to "flare" (or burn) the stranded gas, which is an economical loss to oil producers.
About Wesco Operating Inc: Wesco Operating, Inc. has operations in Colorado, Montana, North Dakota, Utah, Nevada and Wyoming with over 500 wells in 39 fields. Their production currently reaches 3,400 barrels of oil per day. Read more about Wesco on their website, www.kirkwoodcompanies.com.
About EZ Blockchain: EZ Blockchain started in 2017 and is based out of Chicago, IL, with their presence historically focused in the Midwest. The company is a full-service crypto mining facility management company that builds and operates physical infrastructures for blockchain-based mining, which has positioned the group to develop sustainable energy alternatives from a unique vantage point. Read more about EZ Blockchain and their projects and investments on their website, www.ezblockchain.net.
CONTACT: Sergii Gerasymovych, [email protected]
SOURCE EZ Blockchain