Third-Largest US Oil Company Eyes Potential New Revenue Stream From Bitcoin (BTC) Economy: Report

Time Stamp: February 17, 2022 7:45 AM
Source Node: 1610756

The third-largest oil company in the US is reportedly generating additional income in the Bitcoin (BTC) economy.

CNBC reports that the Texas-based ConocoPhillips launched a Bitcoin pilot project in North Dakota’s oil-rich Bakken region selling to crypto miners the flare gas that it would have otherwise burned.

Oil and gas companies burn excess gas in a process known as flaring and suffer more than revenue losses as a result. The practice also produces emissions that are dangerous to the environment and exacerbate global warming.

Denver-based Crusoe Energy Systems, one of the companies that use flare gas to power crypto mining operations, claims that compared with continued flaring, converting excess gas into electricity reduces carbon dioxide-equivalent emissions by about 63%.

ConocoPhillips’s initiative comes following an earnings call on February 3 where the management reiterated that it is committed to reducing the company’s methane emission and achieving zero routine flaring by 2025.

“We’ve allocated $0.2 billion of this year’s capital program for projects to reduce the company’s Scope 1 and 2 emissions intensity and investments in several early-stage, low-carbon opportunities that address end-use emissions. 

We strongly believe that this level of focus on and performance toward fully realizing our triple mandate has ConocoPhillips very well-positioned to not just survive through the energy transition, but to thrive regardless of the pathways it takes.”

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Featured Image: Shutterstock/Ico Maker/Konstantin Faraktinov

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