Zefiro Methane acquires U.S.-based oil, gas well plugging company, expands decommissioning services
(WO) – ZEFIRO METHANE CORP. has acquired a majority ownership stake in Plants & Goodwin, Inc. (“P&G”), a third-generation family business with more than 100 employees that specializes in oil and gas plugging and abandonment operations in New York, Pennsylvania, Ohio, and West Virginia.
Zefiro expects this acquisition to position the company to realize a strategy that includes being an integrated abandonment company for the oil and gas industry, decommissioning abandoned wells as well as measuring, quantifying, and abating methane emissions.
By making this acquisition, Zefiro becomes a “boots-on-the-ground” player for the abatement of emissions in the oil and gas industry in the United States. Zefiro will be able to quantify emissions its well-plugging projects have prevented long-term (as verified by third-party registries), allowing high-quality carbon credits to be brought into the market by Zefiro’s offset commercialization group.
Based in Pennsylvania (where the first U.S. commercial oil well was drilled in 18592), P&G was founded in 1970 by Paul Plants and George Goodwin as a provider of “turn-key” solutions for onshore natural gas exploration and production in the Marcellus and Utica basins. P&G provides vertically integrated solutions for plug and abandonment operations, upstream workover, well completions, and cementing services. Additionally, P&G owns all of its cementing equipment, transportation assets, and construction machinery.
For more than 50 years, P&G has been providing services in the oil and gas industry to include plug and abandonment operations, upstream workover, well completions, and cementing services.
P&G Chief Executive Officer Luke Plants commented, “Nowadays, end-of-life well operations are about far more than just ‘finishing the job’ for oil and gas companies. Plugging wells has a very far-reaching impact now that we know more about what happens when wells are left orphaned and abandoned.”
Zefiro’s Founder & Chairman Talal Debs, PhD., said, “Zefiro’s strategy is to integrate real (physical process) innovation with new forms of capital, through the ‘environmental’ credit markets; the result will be a new kind of enterprise. By enlisting veteran operators like Plants & Goodwin, we are taking the first big step to making our unique vision a reality.”