Coal Gasification Company Files for Bankruptcy

first_img FacebookTwitterLinkedInEmailPrint分享Taylor Kuykendall for SNL:Linc Energy Ltd., the company leading an underground coal gasification project in Wyoming, filed for Chapter 11 bankruptcy reorganization May 29.Australia-based Linc is a global oil and gas company that “set out on an aggressive drilling program” in the Gulf Coast and Alaska beginning in 2012. The rush to buy assets, said Jude Rolfes, vice president of corporate development for Linc in a filed declaration, made the company particularly vulnerable to a recent decline in oil prices.Linc said it began to adjust its operations in late 2014, but the company’s actions were not enough to withstand the price slump.The company’s gasification project in Wyoming had planned to pump chemicals into Powder River Basin coal seams that would set off a chemical reaction generating synthetic natural gas from coal that can be extracted from wells. The process is used broadly globally, but has never seen widespread use in the U.S.Full item ($): Company behind Wyo. coal gasification project files for bankruptcy protection Coal Gasification Company Files for Bankruptcylast_img

Leave a Reply

Your email address will not be published. Required fields are marked *