The Texas Voluntary Marginal Conventional Plugging Program (TxMCW) is a new incentive program for operators and owners of low-producing wells to receive funding assistance to plug them. This program was funded through the Inflation Reduction Act with $134.1 million and should be initiated in January 2025. The wells must produce yearly the equivalent or less of 15 barrels of oil per day, or 90,000 cubic feet of gas per day. The Texas Commission on Environmental Quality is trying to reduce the fugitive emissions of methane into the air. This is because methane is thought to be more damaging than carbon dioxide for climate change.
The leaks from oil and gas well are becoming more apparent, according to the Texas Railroad Commission, and has requested more than $100 million to address uncapped wells and oilfield wastewater. Such leakage can result in groundwater contamination. A rash of leaking wells and geysers in the Permian Basin has prompted the call for funding. The integrity of the well casings has been brought into question, raising concerns about the long-term sustainability of oil and gas extraction. This will also impact the carbon sequestration efforts as the injection of carbon dioxide gases, a corrosive substance, can weaken pipe integrity.
