Abandoned oil and gas wells are still leaking methane

Enlarge /

A natural gas well in Pennsylvania. This one is currently active, but how we decommission it matters.

The development of oil and gas has a 150-year history in the US, with wells stretching across the nation from California to Texas to Pennsylvania. We continue to reap the benefits of the infrastructure we built in earlier eras. But the downside to this long history comes in the form of millions of abandoned, poorly documented wells scattered throughout the country.

Recently, a team of researchers examined some of the abandoned wells in Pennsylvania to build a better picture of how this history continues to impact us today. Measurements of methane emissions revealed that abandoned wells may still be a significant source of methane to the atmosphere.

Methane is one of the more common greenhouse gases, and its warming potential is 86 times greater than carbon dioxide over a 20-year period. So limiting methane emission is an important strategy to curb global warming. Unfortunately, little is known about the ways old wells contribute to methane emissions because they are outside of our greenhouse gas emission inventory system.

Despite the long presence of these wells in the US, there isn’t much data about what happens to them after they’re abandoned. Many attributes can influence leakage, including depth, plugging status, well type (oil or gas), geographic location, and abandonment method.

To tackle this problem, a group of researchers analyzed a compilation of historical documents and modern databases, and they also did some present-day field work. During the field investigations, the scientists visited numerous Pennsylvania wells to measure the flow rate of methane, the presence of different carbon isotopes in the methane, and the concentration of a variety of other gases. Their analysis focused on a few key well attributes, including depth, plugging status, well type, and proximity to subsurface energy extraction and coal mining.

The database they developed enabled the team to better estimate the number of abandoned wells in Pennsylvania. They were also able to identify key attributes that often characterize wells with high methane emission rates. Unplugged gas wells and plugged or vented gas wells in coal areas tended to be the highest emitting wells. Surprisingly, the presence of subsurface natural gas extraction appeared unrelated to the presence of wells with high methane emissions. Similarly, unconventional oil and gas production—fracking—was not related to high emitters.

To understand how these flow rates might change over time, the team measured the methane release of high emitters multiple times over two years. They found that their high methane flow were sustained over the study period. This finding suggests that these wells consistently contribute to the Pennsylvania’s annual methane emissions.

Looking at the state as a whole, the team estimates that abandoned wells contribute 0.04 to 0.07 megatons of methane per year, accounting for roughly five to eight percent of Pennsylvania’s annual human-driven emissions. That’s anything but insignificant, and it should probably be accounted for on the greenhouse gas emissions inventories. This could help policy makers design more effective strategies to mitigate the contribution of abandoned wells to climate change.

Science, 2016. DOI: 10.1073/pnas.1605913113 (About DOIs).

from Ars Technica http://ift.tt/2fieo26
via IFTTT

S. Korean President Named As A Criminal Suspect In Cronyism Scandal

A mask of South Korean President Park Geun-Hye lay in the street as thousands rallied in Seoul to demand her resignation.

Michael Heiman/Getty Images


hide caption

toggle caption

Michael Heiman/Getty Images

A mask of South Korean President Park Geun-Hye lay in the street as thousands rallied in Seoul to demand her resignation.

Michael Heiman/Getty Images

A swirling cronyism scandal continues to grip South Korea, where prosecutors announced Sunday that the president is a suspect in a criminal fraud investigation that’s already ensnared her close friend and senior aides. President Park Geun-hye makes history, becoming the first sitting South Korean president to be a suspect in a criminal investigation.

Mass demonstrations against the president have continued across the country. For the fourth weekend in a row, hundreds of thousands of South Koreans crowded the streets of central Seoul with a simple demand: Step down.

South Koreans fill the streets of Seoul’s city center Sunday, demanding President Park Geun-Hye step down.

Pool/Getty Images


hide caption

toggle caption

Pool/Getty Images

South Koreans fill the streets of Seoul’s city center Sunday, demanding President Park Geun-Hye step down.

Pool/Getty Images

“I think Park clearly thinks that she can ride it out,” says David Kang, who heads the Korea Studies Institute at the University of Southern California. He believes she’ll try to hang on, as she’s immune from criminal indictment until she’s out of office. But the corruption scandal has driven her approval rating to 5 percent — the lowest in Korean presidential history.

“We’ll see whether she can actually survive another 12 months or so,” Kang says, which is about the time left before the next presidential election.

In a packed press conference Sunday, prosecutors raised the stakes, giving opponents legal ground for impeachment proceedings by accusing Park of having a “considerable” role in the influence-peddling scandal that’s swallowed up her senior aides and longtime friend, Choi Soon-sil. Prosecutors believe Park was a co-conspirator in a scheme that allowed that friend, Choi, to enrich herself by using the power of the presidency to pressure South Korean companies to pony up millions in donations to Choi’s non-profits.

“Based on the evidence, the special investigation team concluded that the president colluded … for most parts of her confidant’s crimes,” Chief Prosecutor Lee Young-ryeol said Sunday.

Park’s lawyer, in a statement, denied the allegations and called them “unfair political attacks.” But Park has view allies left.

“It’s not clear even who her supporters would be within [her] party itself. So this is a totally unprecedented situation in Korean politics, which is used to chaos,” Kang says.

Even so — lawmakers here haven’t started impeachment proceedings against Park. Part of the problem is impeachment proceedings could take up to a year, about the same amount of time as there is left in her term.

“If she leaves, power vacuum. If she stays, power vacuum. It’s not clear no matter what happens whether we can fix that in the near future,” Kang says.

Haeryun Kang contributed to this story.

from NPR Topics: News http://ift.tt/2fTw6L0
via IFTTT

Feds ‘tightening the straitjacket’ around Wells Fargo

All of a sudden, U.S. authorities are taking a tougher stance on scandal-ridden Wells Fargo.

A key Wells Fargo (WFC) regulator has quietly placed new restrictions on the bank that allows the government to reject the hiring of senior executives, ban the payments of “golden parachutes” to managers who leave, and also closely review any branch openings and closures.

The Office of the Comptroller of the Currency, which regulates the nation’s banks, did not explain in its 5:30 p.m. ET announcement last Friday why it decided to clamp down specifically on Wells Fargo.

The move represents a reversal by the OCC, which previously granted Wells Fargo a waiver from these restrictions. That free pass was given as part of the September 8 settlement over the bank’s creation of as many as 2 million fake accounts.

The timing of the OCC decision is quite unusual and raising eyebrows. Veteran bank analyst Mike Mayo of CSLA called the situation a “headscratcher.”

“It looks like the regulators are tightening the straitjacket around Wells Fargo,” Mayo told CNNMoney.

In a statement, Wells Fargo said it will “comply” with the new restrictions.

“This will not inhibit our ability to execute our strategy, rebuild trust, serve customers and continue to operate the company,” the bank said.

Still, Wells Fargo seems to have been caught off guard by the government’s action.

A person familiar with the matter said it was a “surprise” to Wells Fargo — and the bank was only notified of the news on Friday.

Related: Senator blasts Wells Fargo for ‘stonewalling

The OCC move renews concern that another shoe may drop in the fake account scandal that has rocked Wells Fargo. The company’s stock price declined 1% on Monday, making it the worst performing bank in the S&P 500.

Wells Fargo sought to ease these worries. Tim Sloan, the bank’s new CEO, told employees in a Saturday memo that the “updated requirements are not a result of any new event or issue.”

Yet regulators do seem to be taking a tougher stance against Wells Fargo. The settlement between Wells Fargo and the OCC gave the bank relief from needing to update regulators on personnel decisions.

The OCC said on Friday it is revoking that free pass. Under the new restrictions, Wells Fargo must give the OCC a 90-day heads up before hiring senior executives or even changing their responsibilities. Wells Fargo now needs to give similar notice before adding or replacing member to Wells Fargo Bank N.A., the national banking subsidiary owned by the holding company.

Regulators can disapprove of those hiring decisions based on the individual’s “competence, experience, character or integrity,” according to OCC rules.

Sign up for CNNMoney’s morning market newsletter: Before The Bell

Likewise, the OCC can now limit future severance payments known as “golden parachutes” to executives who have left the bank.

Compensation has been a controversial topic given the $130 million former Wells Fargo CEO John Stumpf walked away with when he abruptly retired last month. However, Stumpf’s fortune was amassed over many years at the bank, not due to one-time severance payments.

Decisions such as opening and closing branches may no longer simply get rubber stamped by regulators. The OCC said Wells Fargo’s already-required applications for such activities will no longer receive “expedited treatment.” In other words, they will take more time — and could get extra scrutiny.

It’s possible the OCC is trying to ease criticism over its handling of the Wells Fargo scandal, especially given new allegations that have emerged since the initial settlement.

For instance, former Wells Fargo employees have told CNNMoney that the opening of fake accounts began long before the 2011 period cited by regulators. Even more alarming, several whistleblowers told CNNMoney they were fired after calling Wells Fargo’s ethics hotline about illegal activity.

“We suspect the agency changed direction because it does not want to be seen as being soft on Wells Fargo,” Jaret Seiberg, an analyst at Cowen & Co., wrote in a note.

No matter the cause, Seiberg said the OCC move “should be a warning to the bank that its troubles with the regulators are not over.”

from Business and financial news – CNNMoney.com http://ift.tt/2geKCNW
via IFTTT

Koenigsegg’s FreeValve engine tech is finally working – in China

Filed under:
,,


Qoros has an engineering development vehicle up and running with its QamFree engine, which uses FreeValve’s camless technology.

Continue reading Koenigsegg’s FreeValve engine tech is finally working – in China

Koenigsegg’s FreeValve engine tech is finally working – in China originally appeared on Autoblog on Mon, 21 Nov 2016 09:55:00 EST. Please see our terms for use of feeds.

Permalink | 
Email this | 
Comments

from Autoblog http://ift.tt/2guVJVY
via IFTTT