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
Retrieved on:
Wednesday, February 7, 2024
The purchase of Aera brings CRC's count of idle wells producing no oil from about 6,700 up to nearly 16,000 wells.
Key Points:
- 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.