Greenfield Environmental Solutions, a decommissioning services provider for the energy sector, announced on April 22 the commencement of plugging and abandonment (P&A) operations in the Rocky Mountains region, including Colorado, New Mexico, Utah and Wyoming as well as the Williston Basin region in North Dakota and Montana.
Greenfield is a provider for P&A services to the oil and gas industry. Greenfield provides a "one-stop shop" approach, allowing companies to outsource the management of their regulatory obligations and—in doing so—restore, reclaim and regrow the surrounding natural area.
With this full-service approach, Greenfield handles all aspects of the decommissioning process, from regulatory filings to P&A operations in the field. In addressing the large and growing backlog of inactive wells, Greenfield prioritizes responsible decommissioning by providing methane quantification and land restoration solutions.
"As mature and expansive as the energy industry is, there had not been a true comprehensive solution for responsibly decommissioning energy assets that combined P&A services, methane quantification and land restoration," Greenfield CEO Michael Rigg said in a press release.
"The need for this service is rapidly expanding, and our unique approach will stand out as the ideal choice to responsibly decommission and restore well sites," he added.
The company is rolling out its operations in the Rockies, where a large market and regulatory mandates are driving demand for decommissioning services. The Rocky Mountain states are eligible to receive $166.5 million in initial funding available in 2022 through the Bipartisan Infrastructure Law to address the tens of thousands of abandoned and orphan wells in the region.
"We are excited to bring our comprehensive end-to-end solution to operators and states," said Randy Yeager, Greenfield's president and COO. "Beyond the market for turning around old oil and gas wells, we know there is a demand to restore and preserve the natural environment at these sites, returning the land to its preferred state."
In addition to P&A services related to capping unused oil and gas wells, Greenfield assists in structural removal, site clearing and seeding to return local flora to operations sites. The company also provides a two-step methane detection system that screens for leaks with rapid, mobile solutions and then quantifies emissions for further analysis.
Greenfield is supported by $200 million in institutional capital and was assisted in its capital raise by Northland Capital Markets.