Munich Re finances restoration project for Californian wetlands | Insurance business America
Allocated funds considered integral by the oil and gas company
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By Kenneth Araullo
California-based oil and gas company Synergy, in collaboration with Munich Re, has announced a new initiative to restore 140 hectares of coastal wetlands in the region.
These environmental restoration efforts will begin with financial support from Munich Re, an initiative that Synergy touts as a step toward preserving valuable natural habitats.
Munich Re’s funding is critical to Synergy’s plans to safely close and abandon old oil wells (P&A) and establish a permanent wetland conservation area. As the project progresses, Synergy has committed to keeping stakeholders updated on the use of funds and the progress of wetland restoration, emphasizing its commitment to transparency and sustainable development practices.
Vikram Nath, Managing Director of Energy Transition Financing at Munich Re, underlined the company’s satisfaction with providing a financial solution that supports such a significant project.
“We are pleased to offer Synergy this financing solution for a significant project that will benefit many stakeholders, including the City of Long Beach and communities adjacent to the Los Cerritos wetlands,” said Nath.
“Synergy is very pleased to begin this collaboration with Munich Re. This new financing provides us with the funds we need and allows us to immediately begin abandoning the Synergy oil field and restoring 156 hectares of world-class coastal wetlands. It’s a huge win for everyone, especially the communities of Long Beach and Seal Beach,” said John McKeown, CEO and principal of Synergy.
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2024-02-16 14:10:00
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