Texas needs a new funding solution for its abandoned oil wells

Houston in Texas
Houston in Texas

Press Release

QUATRE LTD ESMS (Exit Strategy Management Solutions) products and services provides NEW FUNDING and Environmental Liabilities SOLUTION FOR Texas’s OIL & GAS WELLS.

London, March 10 2017:  London-based company Quatre Ltd, has produced a new solution designed to fund the decommissioning of oil and gas fields and rehabilitation of other extractive industrial locations including mines.

Quatre Ltd was set up to meet the needs of the oil and gas industry operating in the Gulf of Mexico and the North Sea. “The flexibility of the Quatre model means that it can just as easily apply to decommissioning of oil and gas E&P operations in Texas, both onshore and offshore”, says Paul Jardine, Founder & CEO, Quatre Ltd.

Texas’s oil and gas exploration and production companies along with its government are facing the huge challenge of managing permanent abandonment of 10,000 wells. The existing financial solutions available for paying towards plugging cost of Texas’s abandoned and inactive oil and gas wells are not adequate.

At present, Luke Metzger, director of Environment Texas says,”the problem is the current bonds collected for clean up only covers about 20 percent of the cost of clean-up and that needs to change.” In fact, in June 2016, the outgoing Texas Rail Road Commissioner David Porter told state lawmakers the agency could not afford the estimated $165 million needed to plug the wells.

 Quatre Ltd New Funding Solution

“Quatre’s ESMS range of solutions protects the public purse and enables clients to put aside funds for future decommissioning and rehabilitation”, says Paul Jardine. Quatre’s solutions are crafted to meet the specific challenges facing both industry and government in funding the cost of decommissioning and rehabilitation, while also providing useful environmental and economic benefits.

 Quatre Ltd provides its clients with the following solutions:

  1. The setting up of a Special Purpose Trust, designed to protect the public purse from decommissioning liabilities and ensure that economic recovery is maximized.
  2. Post Decommissioning/Reinstatement environmental liabilities

About

Quatre Ltd provides services and products that support the Financial Risk Management associated with the decommissioning of oil, gas and other extractive industry assets. Quatre’s services and products allow industry to:

  •     Maximize economic recovery
  •     Manage post-decommissioning liability
  •     Protect the public purse

Paul Jardine, an oil and gas industry veteran, founded Quatre Ltd, in 2013.  Quatre’s integrated team of professionals, covering Insurance Brokerage, Investment Management, Legal, Taxation, Trust Management and E&P Operations, provides for the financial requirements associated with on- and off-shore decommissioning liabilities. Quatre is an Appointed Representative of Property Insurance Initiatives, regulated by the Financial Conduct Authority.

For more Information

Nicholas Newman

info@nicnewmanoxford.com

http://www.quatre-ltd.com/

27 John Snow Place, Oxford, OX38BB, UK

Tel: +44-1865-762710

Mobile: 0758 0469 514 / Skype: oxfordprospect

http://www.nicnewmanoxford.com/

 

 

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