Last year’s collapse in commodity prices caused the global oil and gas industry to think hard about when to begin decommissioning late life producing assets. For field operators, the bulk of the cost is related to the plugging and abandonment (P and A) of wells.
Operators want to take the decision to decommission safe in the knowledge that these costs and perpetual risks can be managed.
Accordingly, Ikon Science is bringing new solutions to the $20bn North Sea well-decommissioning market by combining a unique 6,000 well database of North Sea well data and analysis, with industry leading software technology to reduce well P and A costs and subsurface risks during decommissioning. Ikon Science, with its 15-year track record as a subsurface geoscience innovator, will focus its initial efforts on the UK Continental Shelf where it has analysed over 4,000 wells and will bring to bear its unique ability to understand and model geopressure and stresses to reduce well P and A costs.
Ikon Science is working on the market opportunity together with Andrew Hockey, Non-Executive Director of Fairfield Energy Limited, who are currently decommissioning the Dunlin cluster of fields in the Northern North Sea.
Ikon Science CEO Martyn Millwood Hargrave commented:
“Ikon recognises the huge yet challenging opportunity that decommissioning provides for both oil and gas operators and UK plc and is proactively developing new solutions to reduce well P and A costs and risks through integrating leading region-wide subsurface knowledge with new technology and excellent project execution currently for fields in the Southern, Central and Northern North Sea . We are pleased to have Andrew Hockey on board to help us bring new real value to the decommissioning sphere."