Over 100,000 low-volume oil wells are underutilized or outright abandoned in the US alone.
These oil wells become a major ecological danger with leaks and risk of leaching contaminants into water and the surrounding environment. The problem is so severe, that in just the US and Canada alone, taxpayers will have to spend nearly $500billion cleaning up these wells.
So Why do these wells get abandoned? Well it's simple economics - these wells are unprofitable to operate as they have old equipment that is inefficient and the cost of repairing or replacing the pumps on these wells unjustifiably high.
The NovaTech Energy takes over these oil wells in partnership with local independent operators. We replace the antiquated pump jacks with new, Solar-powered eco-friendly pumps that are significantly more efficient, automated, and cost effective. This revitalization turns these old abandoned oil wells into productive, profitable locations.