PENN VALLEY, PA — The sinking prices of natural gas have compelled numerous oil and gas (O&G) companies to significantly slash their production budgets. Field service companies are witnessing a reduction in their work volume by 40% to 70%, leading to the daunting task of retaining their workforce amidst dwindling projects. However, the burgeoning Renewable Natural Gas (RNG) industry might offer a lifeline.
In 2023, the U.S. biogas industry experienced its third consecutive year of record growth, according to data from the American Biogas Council (ABC). Nearly 100 new projects, representing $1.8 billion in capital investments, came online. This surge pushed the total number of active U.S. biogas projects to 2,251, accounting for $39 billion in capital investment. The ABC anticipates this upward trend to persist in 2024, with over 100 new projects slated to commence operations.
Companies in the O&G industry seeking to pivot to RNG can gain valuable insights at the Appalachian RNG Conference scheduled for April 18, 2024, at the Hilton Garden Inn at Southpointe/Pittsburgh. Here, they can learn that approximately 89% of their O&G capabilities are transferable to the RNG sector.
Tom Gellrich, CEO and Founder of the H2-CCS Network, believes that the O&G companies will find a rapidly expanding market in RNG that can leverage their existing skill sets. “We are just at the start of the RNG build-out; there are years of growth ahead,” Gellrich commented.
The Appalachian RNG Conference will feature nationally recognized RNG experts, including Virginia Weis, Renewable Energy Program Advisor at Dominion Energy, Gus Simmon, CIO and Director of Bioenergy at Cavanaugh & Associates, Ken Thompson, Founder and President of Valtronics/Mustang Sampling, and Dave Lindenmuth, Managing Director of Renewable Natural Gas Services at EcoEngineers. These industry leaders will provide attendees with the latest information on RNG developments, offering a potential way forward in these challenging times for the O&G sector.
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