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West Virginia and Diversified Energy launched a $70M, 20-year fund to plug 1,500 orphaned wells using private money, cutting pollution and creating jobs.
West Virginia and Diversified Energy have launched the Mountain State Plugging Fund, a 20-year public-private partnership to plug at least 1,500 orphaned oil and gas wells without taxpayer funding.
Diversified Energy will contribute $70 million, backed by $650 million in insurance, to retire about 250 wells annually.
The initiative, led by subsidiary Next LVL Energy, aims to reduce methane emissions and groundwater contamination, create 50 to 100 high-paying jobs, and set a national precedent for responsible well retirement.
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West Virginia y Diversified Energy lanzaron un fondo de 70 millones de dólares a 20 años para tapar 1.500 pozos huérfanos usando dinero privado, reduciendo la contaminación y creando empleos.