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Operators may now have the potential to sell carbon credits in exchange for the P&A of inactive, shut-in, or temporarily abandoned wells. The EPA estimates that there are over 3 million known abandoned and orphaned oil and gas wells (AOOG wells) in the United States. Well Eligibility. Additionality.
Specifically, the letter addressed the following circumstances: Plugging Requirements : Regulations require any well that has been identified by the operator as inactive with no future utility to be placed on a schedule of abandonment or plugged within 90 days.
Strangely enough, the US abandoned the costly price controls, and liberalized energy markets in the early 1980s. OPEC had no quota system and no mechanism to manage the market at that time— not even political clout. OPEC has no legal power over its members and no enforcement mechanism.
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