Wyoming Governor Mark Gordon announced last week his plans to increase funding for the Energy Rebound Program up to $30 million, translating to more projects and jobs in the Wyoming energy industry over the next year.
With the additional funding, the program will cover nearly 300 oil and gas projects, generating over 5,500 jobs across the state. These projects are expected to produce more than $130 million worth of oil and gas through 2021, according to a recent announcement from the Wyoming Business Council (WBC).
A total of 66 oil and gas companies were approved for funding, according to WBC. Between them, the program will account for plugging and abandoning 143 non-producing wells, recompleting 131 wells and finishing 18 drilled but uncompleted wells.
Of those projects, 75 will be carried out in Campbell County, according to WBC Chief Strategy Officer Sara Fitz-Gerald.
The Energy Rebound Program was officially launched mid-November, following plummeting global oil demand due to the onset of the coronavirus pandemic. That decrease in demand reduced work across state, bringing Wyoming’s energy industry to a standstill, Gordon said during a press conference last month.
Oil and gas companies struggling to complete ongoing projects were urged to apply for assistance through the WBC, where $15 million in CARES Act funding was waiting to help put the Wyoming energy industry back to work.
In the following weeks, however, the number of qualifying applications flooding in from around the state quickly exceeded the original $15 million cap, prompting Gordon to double the allocated amount using leftover CARES Act funding from other projects, per the WBC.
“The results of this program show the willingness of the oil and gas industry to put people to work in Wyoming, once they get some capital to get them going,” WBC CEO Josh Dorrell said in a statement.