The Changing Landscape of Selecting Candidates for Well Abandonment
Mike Newton – Director of Business Operations:
Mike is primarily focused on the assessment of ARO for corporate financial reporting and M&A. He has combined his experiences in economics and closure execution to derive a standardized methodology for assessing liability and risk in oil and gas, and has assessed over $12.5 billion in ARO assessments in the past 5 years.
Adam Derry – Director of Engineering:
Adam has an acute understanding of project planning, management and execution. Beginning as a drilling rig floorhand, Adam has complimented his engineering skillset with hands-on experience in a variety of field operations including drilling, completions, workovers, and abandonments. His ability to understand complex situations is a product of overseeing a wide variety of oilfield operations from the field and the office. Adam has managed multiple 250+ well abandonment campaigns across Alberta, Saskatchewan, and British Columbia.
Liability assessment models have recently changed, so it is worthwhile to consider adapting to these changes when considering wells for abandonment. A more holistic assessment of wellsites could lead to higher return on investment of closure dollars, and promote mobility in the A&D market. 360 uses a database containing costs for thousands of sites through every stage of closure to ensure efficient spending. They have also incorporated data analytics to strategically plan closure programs and believe that additional learnings in this technology will result in additional project cost reductions.