Tecpetrol, a prominent Argentinian oil producer, has unveiled its ambitious initiative to engage in cryptocurrency mining, harnessing the potential of associated gas. According to Rio Negro, Tecpetrol aims to use gas from Vaca Muerta oil fields to power cryptocurrency mining rigs.
Tecpetrol has announced a strategic partnership with a like-minded company, emphasizing service to U.S.-based enterprises, without disclosing their target cryptocurrencies.
Furthermore, tecpetrol plans to start cryptocurrency mining in late October or early November. The company’s CEO, Ricardo Markous, stated that gas from six wells will be used.
Notably, when extracting oil from most fields, associated natural gas is typically released. Traditionally, this gas is either flared, vented (burned) on-site, or transported to nearby facilities when possible.
Yet, this method may be impractical in remote and inaccessible oil field locations.
In response to this challenge, certain extraction firms have embarked on initiatives aimed at converting associated gas into on-site electrical energy. Moreover, Russian oil companies have been exploring cryptocurrency mining pilot projects since the early 2010s.
Argentinian Oil Producer, Tecpetrol’s Integrated Approach: Eliminating Gas Flaring and Supercharging Oil Production
As highlighted by a media report: Situated in an isolated, underdeveloped area lacking production and gas evacuation infrastructure, Tecpetrol sells some gas to Chevron, but this has reached its limits.
Markous also emphasized that harnessing the gas would expedite the oil production process at their site significantly. Additionally, Tecpetrol plans to set up three power generation facilities on-site, each with cryptocurrency mining rigs.
Markous elaborated:
By adopting this integrated approach, we not only eliminate gas flaring but also participate in cryptocurrency mining, providing a twofold advantage to both the environment and our operations.
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