However, that monopoly is getting ready to change in a big way thanks to the presence of LNG in the field.
"It took one of the LDCs almost nine months before we got a price back from them from our locations. We just feel that's unacceptable in today's market."
Flared gas represents lost revenues not only for oil and gas companies, but for U.S. states in terms of revenue.
"We think we bring to the market a chance to clean up the environment while creating a great economic opportunity," Farley commented.
Farley sees potential for his company's products as people in the oil and gas industry become more comfortable with CNG and LNG. Some companies such as Apache Corp. are already switching over to using natural gas to power exploration and production.
The switchover can be attributed to the cost savings and environmental benefits associated with using natural gas. Oil and gas companies are also rushing to upgrade their production storage tanks to meet new requirements by the U.S. Environmental Protection Agency's requirements that volatile organic compound emissions from these tanks be reduced.
Farley sees the system as a win-win for everyone. Producers who utilize AmericaCNG's technology can substantially reduce or eliminate the amount of gas they value while realizing value from recovered NGLs, even natural gas, without any capital outlay, said Farley. AmericaCNG provides the initial capital, constructs the processing units, can build gathering lines and supply compression if needed, supply field tanks, and transport NGLs to market.
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