CRC Play To Buy Aera Is Way To Avoid Plugging Idle Wells, Extending Life Of Depleted Oil Fields Via Unproven Technology, Say Consumer Watchdog and FrackTracker Alliance
The purchase of Aera brings CRC's count of idle wells producing no oil from about 6,700 up to nearly 16,000 wells.
- The purchase of Aera brings CRC's count of idle wells producing no oil from about 6,700 up to nearly 16,000 wells.
- The two companies avoid the costs of plugging them because the state charges very little in fines.
- The real play appears to be that CRC wants Aera's oil fields as a potential site to store carbon from unproven carbon capture programs.
- The state never required the two oil giants to put up the money to cover full plugging and remediation of Aera's wells.