Sourcewater, the online marketplace for water sourcing, recycling, transport and disposal, announced today that Josh Adler, founding CEO, will present “Making a Case for Water Sharing” at the 6th Annual Low Cost Produced Water Management: Marcellus and Utica Congress 2016 in Pittsburgh, PA. Adler will speak at 11 a.m. on March 30 at the Pittsburgh Marriott City Center Hotel. The presentation will discuss how E&Ps can coordinate water sourcing and disposal activities online to save on their largest cost, water management.
Many operators in the Marcellus and Utica shale plays have gone from a high level of completions activity to a low level of activity, meaning that produced water that had been reused internally at low cost now requires high-cost third-party disposal, doubling the damage to an industry already hurting from low commodity prices. In conjunction with Marcellus operators Anadarko, Chevron, Rice Energy, CONSOL, Rex, and Carrizo and regulators from the EPA, DEP and the U.S. Department of Energy, Sourcewater will present its innovative solution for the tsunami of produced water – a solution that requires zero additional capital expenditures or overhead yet substantially reduces the largest cost of oil and gas operations.
Sourcewater, an MIT spinout, saves money for energy producers buying water, trucking, treatment and disposal in the same way that consumers save money on airline tickets and hotels when they use travel planning websites such as Expedia or Orbitz. Founding CEO Adler stated, “Today, operators dispose of their produced water only when the pit or tank is full and about to overflow, so they are always paying the last-minute, top-dollar price, just like the guy rushing to the airport who has to buy a ticket on the next flight out no matter what the cost. Sourcewater makes it possible for energy companies to act like the flexible flyer who travels on the cheapest date, based on when airlines and hotels — or in this case, trucks, disposals, treatment facilities and other operators — put their excess capacity on sale. In an industry that today wastes a large portion of its daily capacity through poor market information, this is the key to bringing down operator costs without new investment, while allowing service companies to survive this downturn through higher utilization.”
Sourcewater is the water exchange for the energy ecosystem, an online marketplace for reducing oil and gas operating costs, ensuring the water supply chain, and minimizing the environmental and community impacts of energy production through market-based incentives. Founder Joshua Adler envisioned Sourcewater when he was an MIT Sloan Fellow for Innovation and Global Leadership in the Energy Ventures program.
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Adler is a successful entrepreneur and world-class communicator who has founded energy, real estate, medical technology and Internet companies and served as a senior economic policy official for the United States Treasury Department. He is a graduate of Yale University and the Massachusetts Institute of Technology. His writing has appeared in The New York Times, The Wall Street Journal, The Washington Post, and The Economist.