Naureen S. Malik reports about this news in YahooFinance originally published in Bloomberg that "Exxon Mobil Corp. is running a pilot program using excess natural gas that would otherwise be burned off from North Dakota oil wells to power cryptocurrency-mining operations and is considering doing the same at other sites around the globe.
The pilot project, which launched in January 2021 and expanded in July, uses up 18 million cubic feet of gas per month that would have otherwise been burned off -- or flared -- because there aren’t enough pipelines.
Exxon, the largest U.S. oil producer, is considering similar pilots in Alaska, the Qua Iboe Terminal in Nigeria, Argentina’s Vaca Muerta shale field, Guyana and Germany, one of the people said.
Shale oil produces so much excess gas that it ends up being vented into the air or burned off. Natural gas is comprised mostly of methane, a global warming agent that is more than 80 times more powerful than carbon dioxide during its first two decades in the atmosphere.
Danielle Fugere, president of As You Sow, an environmental shareholder-activist group, said it’s a positive step for Exxon to find a use for gas that would otherwise be burned off into the atmosphere. “It is creating use of what would be otherwise wasted.”
Source credit and full story - https://finance.yahoo.com/news/exxon-weighs-taking-gas-bitcoin-153805756.html
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