For field operators, the bulk of the cost is related to the plugging and abandonment 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 is focussing initial efforts in the North Sea where it has analysed over 4,000 wells and will bring to bear its ability to understand and model geopressure and stresses to reduce well P and A costs.
The company is working together with Dr. Andrew Hockey, Non‐Executive Director of Fairfield Energy, which is currently decommissioning the Dunlin cluster of fields in the northern North Sea.
Martyn Hargrave, Chief Executive, Ikon Science, commented: “We recognise 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 in the North Sea”.
Founded in 2001, Ikon Science has more than 150 staff and is privately owned, with investors who include the Fleming & Partners and Tullow Oil plc.