ABERDEEN, UK – The Oil & Gas Technology Centre has awarded metal-to-metal downhole sealing specialist BiSN funding for the company’s Wel-Lok M2M technology.
BiSN is one of four companies to receive funding totalling £1.3m ($1.79 million) as part of the Technology Centre’s ‘Call for Ideas’ initiative on well plugging and abandonment (P&A) in the North Sea.
Wel-Lok M2M employs a modified thermite heater, with bismuth-based alloys, to form a permanent barrier that provides an alternative to traditional elastomer seals, resins, and cement.
Paul Carragher, the company’s CEO, said: “There are over 1,400 North Sea wells to be plugged and abandoned over the next decade; the cost, time, and environmental benefits of our technology provide an obvious solution to the UK decommissioning cost reduction target of 35%, set by the Oil & Gas Authority.”
Other investors in the company are BP, Schlumberger, GE, and ConocoPhillips.