Eight key oil and gas industry players have formed a collaborative partnership to promote investment in and early adoption of innovative plugging and abandonment (P&A) technology, OTM Consulting said Feb. 13.
Members of the P&A Collaborative Environment (PACE) include Abrado Wellbore Services, ConocoPhillips (NYSE: COP), DNV GL, ExxonMobil Corp. (NYSE: XOM), GE Oil & Gas, Mansfield Energy, Metrol Technology and Total E&P (NYSE: TOT). The group is managed and created by OTM Consulting, an oil and gas technology advisory company.
PACE intends to combat challenges posed by both operators and service companies as many offshore oil fields reach the end of their productive lives and need to be decommissioned. P&A is responsible for up to 40% of total decommissioning costs for some operators, according to OTM Consulting.
PACE's goals include:
- Bring together international companies to increase awareness of the global regulations;
- Understand capabilities of current and emerging technology;
- Share knowledge and experiences to improve operational best practice; and
- Develop cost-effective solutions to common technical challenges.
PACE is preparing to hold its first meeting March 7-8 in Houston, hosted by DNV.