Argentinian Oil Firm Tecpetrol to Convert Excess Gas into Cryptocurrency Mining Energy
Summary:
Tecpetrol, an Argentina-based oil company, plans to create a cryptocurrency mining facility powered by excessive gas, optimizing its use and reducing waste. The facility, expected to commence its operations between late October and early November, will help the company produce a minimum of 35,000 barrels of oil per day while reducing its environmental impact. The initiative is based on a study by the Institute of Risk Management (IRM) indicating potential global emission reductions through such practices.
In an innovative strategy, Argentina-based oil firm Tecpetrol plans to transform surplus gas into energy for cryptocurrency mining. The strategy was publicized by local outlets on September 24, revealing plans for the establishment of Tecpetrol's inaugural crypto mining facility powered by gas in the Los Toldos 2 Este area, positioned to the north of Vaca Muerta in Argentina's Patagonia. The oil company asserts that this initiative will expedite their crude oil production while ensuring efficient gas usage and limiting wastage.
There are intentions in place to produce a minimum of 35,000 barrels of oil per day from the facility. However, given the lack of infrastructure required to handle the gas byproduct, the company realized the potential of using cryptocurrency mining as an effective way to make use of the gas. Ricardo Markous, Tecpetrol's CEO, in explaining their choice underscored the company's commitment to environmental preservation stating that considering the adverse effects of releasing the gas into the atmosphere, the decision was made to venture into crypto mining operations.
Tecpetrol is working towards starting crypto mining operations between late October and early November. The primary objectives include minimizing environmental degradation through gas emission prevention and the generation of extra revenue. Contracts have been drawn and signed, as the company partners with an undisclosed organization with prior experience in executing similar projects in the United States.
Findings from a recent study conducted by the Institute of Risk Management (IRM) revealed that entrepreneurs in Bitcoin mining could slash global emissions by as much as 8% by 2030 by converting redundant methane emissions into less environmentally damaging gases. This assertion was made on the backdrop of a hypothetical example demonstrating how using captured methane to power Bitcoin mining operations can significantly lower the quantity of methane released into the atmosphere.
Further reporting: Ray Jimenez Bravo, Mariuscar Goyo.
Published At
9/27/2023 8:37:52 AM
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