The volatility in oil prices over the past two years has pushed operating companies in the upstream segment to rigorously implement cost optimization strategies at every possible phase of crude production. With benchmark crude prices hovering around the $30 mark, key stakeholders are forced to cut costs and delay capital expenditures that will not contribute to revenue growth. Due to this, wells which require additional equipment or tertiary recovery methods to produce above economical limits are being considered for temporary shut-down or decommissioning. However, decommissioning or abandonment is a non-revenue generating activity, which incurs costs of up to $10 million depending on the location of the well (onshore or offshore). Therefore, oilfield services companies that offer these services have come up with innovative procedures, which can deliver significant cost benefits to the operator without compromising on safety.
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Keywords: Plug and abandonment, well decommissioning, well abandonment, enhanced oil recovery, conformance control