"Tucked into the massive climate bill President Joe Biden signed into law this week is a one-sentence provision that could give a huge financial boost to a single energy company.
The provision, found on page 687, provides $700 million in grants to mitigate the methane emissions of “marginal conventional wells.” These are low-producing oil and gas wells near the end of their useful economic life. They are a specialty of Alabama-based Diversified Energy Co. PLC.
The company owns more oil and gas wells than any other U.S. company, including more than 10 percent of the estimated 600,000 marginal wells in the country. Much of Diversified Energy’s business model relies on acquiring dying wells, which often have high methane emissions, and milking them for profit years after other companies walk away."
Scott Waldman reports for E&E News August 19, 2022.
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