Well-Safe Marks First Anniversary With 400 Wells Worth of Expertise

Posted by OilVoice Press - OilVoice


Well-Safe Solutions is marking its one year anniversary with news that it's about to acquire its first asset, is tendering for major P&A projects and has increased its headcount to 35.

In just over 12 months, the Aberdeen-based well abandonment specialist has amassed the largest concentration of decommissioning expertise in the oil and gas industry. The company now boasts in excess of 400 wells worth of experience among its workforce.

Launched in August 2017 with the vision to become a tier one decommissioning company, Well-Safe is well on its way to realising its ambition, having set up five P&A Clubs which offer a ground-breaking approach to the safe and cost-efficient decommissioning of subsea and onshore wells.

Phil Milton, chief executive of Well-Safe said: “It's been a tremendous first year for us. The positive response to our P&A Clubs has been underlined by invitations to tender for significant P&A contracts for both onshore and offshore wells. In anticipation of these, we've been recruiting some of the best and most experienced people in the industry to create a real centre of excellence in P&A and now have what we believe is the biggest pool of well P&A expertise in the North Sea. This has enabled us to secure work in developing decommissioning strategies, providing engineering consultancy in relation to decommissioning and in providing personnel offshore for ongoing P&A projects.

“The next step for us is to have our own dedicated bespoke P&A assets, kitted-out and mobilised exclusively for P&A activity. We've been looking at-high quality onshore land rigs,   two  semi-submersibles and potentially two jack-up rigs as well as a light intervention mono hull vessels and support  vessels  to allow us to deliver the complete P&A solution.

“We have continued to make great progress with our asset acquisition plan and are working closely with the current owners of various marine assets to shape a framework that will work for all parties.”   

Expenditure on decommissioning activity in the UK Continental Shelf (UKCS) to 2025 is forecast to be £17 billion of which £8.3 billion is associated with well abandonment activities. Operators are forecasting £1.8billion in decommissioning spend in 2018 alone. With well abandonment accounting for 49% of the total decommissioning spend and subsea well abandonment in the UKCS being the highest cost, a new approach must be adopted in this area of decommissioning if the industry is to deliver the 35% cost reduction desired by the Oil & Gas Authority.

The P&A club concept is a new open and transparent incentivised commercial model that tackles costly and complex late-life activity. It helps operators meet the challenges and regulatory imperatives around the plug and abandonment of wells in a way that is designed to reduce costs by 35% through a campaign-based approach. By becoming a member of Well-Safe's P&A club and adding their well stock into the club, operators can spread the risk and cost of plugging and abandoning wells with others in the club and use economies of scale to safely remove  hundreds of wells rather than focusing on individual wells, or a smaller numbers of wells. Well-Safe's five different clubs are designed around the asset types: onshore, jack-ups, semi-submersibles, well intervention vessels and deepwater vessels.

Mr Milton added: “Decommissioning is often seen as the end of the road, but it's just a part of the on-going lifecycle and by reducing liabilities and direct costs when shutting down uneconomic wells, there is more money to invest in exploiting other fields. We're not only helping to stimulate the decommissioning sector but also giving a big boost to companies who want to invest more money on development and production growth opportunities.”

Well-Safe is on target to go fully operational in late 2019, or even earlier, providing the operators sign up with commitments to well stock to support the P&A clubs.

In addition to their head-quarters in a prestigious location in Aberdeen, Well-Safe has secured a 40,000sq ft marine and logistics base in Dundee.

New service from OilVoice
Trip Shepherd is for companies who need to track their staff in areas of risk.
It's free to use, so we invite you to try it.

WellsWell-SafeP&ANorth SeaUnited KingdomUK North Sea

More items from oilvoice

Cyber Security Experts Unite to Protect Europe’s Critical Industries

CS4CA Summit Returns to London this October Staying abreast of fast-paced industry developments is crucial for cyber security professionals. And while one can learn a lot from publications and social media, it's hard to beat the value of insights gained first-hand from peers. This is why 150+ IT ...

OilVoice Press - OilVoice

Posted 1 year agoPress > cybereurope

Africa E&P Summit

The organisers of the Africa E&P Summit are bringing together Africa's leading exploration companies and governments, just one of the many reasons why you should be attending frontier's event that they are organising and hosting in London at the IET: Savoy Place, 22-23 May. Over 200 key senior exec ...

OilVoice Press - OilVoice

Posted 1 year agoPress > Africasummitoil summit +2

Equinor Deepens in Offshore Wind in Poland

Equinor has exercised an option to acquire a 50 % interest in the offshore wind development project Bałtyk I in Poland from Polenergia. This transaction is a follow-up of the agreement between the two companies which came into force in May 2018 , by which Equinor acquired a 50 % inter ...

OilVoice Press - OilVoice

Posted 1 year agoPress > EquinorEquinor EnergyPoland +2

Nigeria has highest capex on crude and natural gas projects in sub-Saharan Africa Over Next Seven Years, says GlobalData

Nigeria accounts for more than 34% of the proposed capital expenditure (capex) on planned and announced crude and natural gas projects in the sub-Saharan Africa over the period 2018–2025, according to GlobalData , a leading data and analytics company. The company's report: ‘H2 2018 Production ...

OilVoice Press - OilVoice

Posted 1 year agoOpinion > GlobalDataNigeriaCrude +5

CNOOC Signs Strategic Cooperation Agreements with 9 International Oil Companies

HONG KONG, Dec. 18, 2018 /PRNewswire/ -- CNOOC Limited (the "Company", SEHK: 00883, NYSE: CEO, TSX: CNU) announced today that its parent company, China National Offshore Oil Corporation (CNOOC), has signed Strategic Cooperation Agreements with 9 international oil companies including: Chevron, Conoco ...

OilVoice Press - OilVoice

Posted 1 year agoPress > CNOOCChina National Offshore Oil CorporationChevron +11
All posts from oilvoice