Eliminating 100% of methane emissions from gas lift is priceless, but QuickSet™ by Liftrock puts a monthly value on it. In the first month of 2022, captured gas value was $12,327 on a 3-well pad in the Permian, using the QuickSet skid for gas lift control.
Adding Revenue from Captured Gas
“We have a good economics story even at $50 oil and $3 gas, but with today’s prices, the added income aspect is really catching peoples’ eye,” says BJ Ellis, president of Liftrock. “Eliminating emissions and getting paid for it is a win-win.”
The QuickSet system captures methane emissions from gas lift operations and repurposes them as fuel gas and or injection gas. At current prices, revenue from the captured gas is making a big difference for operators. On a Permian location, the revenue increase represented a double-digit boost in profits.
All wells are different. QuickSet’s Monthly Methane Capture Report shows the volumes and values of mitigated emissions pertaining to the compressor site. The report allows operators to document the mitigated methane emissions at their wells, and details fuel gas, fuel makeup gas, and captured gas on a daily basis.
On the location, the value of captured gas added about $400 per day in revenue. 18.26 tons of VOCs and .3620 tons of HAPs were mitigated for the month.
There are other economic benefits to the QuickSet story, including downtime avoidance. QuickSet eliminates compressor scrubber liquid level shutdown events, the need for liquid storage and liquid transport, and prevents compressor dump freeze-ups. This particular Permian location saw an additional estimated savings of $3,251.25 in eliminating downtime associated with dump freeze-ups.
Learn more about the economic and environmental advantages of QuickSet.