Norway bets on tech to cut USD 100 billion North Sea oil-well bill
North Sea nations and oil companies face costs of more than USD 100 billion to shut down old wells in the depleted region. Researchers in Norway believe they can cut that figure dramatically.
By Lars Erik Taraldsen, Laura Hurst & Morten Buttler, Bloomberg News
A new technology center in Trondheim hopes to halve the costs of plugging and abandoning wells – a procedure known as P&A that could reach an estimated USD 85 billion in Norway alone by 2050. Curbing that outlay would be a boon to operators and prospective investors in the aging region, where thousands of shafts must be closed up in the coming decades as oil and gas flows dwindle.
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