Welcome to PACE – a new collaborative environment focusing on plugging & abandonment (P&A) within the oil & gas industry.
With many offshore oil fields reaching the end of their productive lives, operators are preparing to decommission a substantial number of wells in the coming years, with well plugging and abandonment responsible for up to 40% of total decommissioning costs worldwide. Recognising the significant challenges this presents to both operators and offshore service companies, OTM canvassed industry opinion and gained support for launching a new forum to bring together the global community.
The PACE (Plugging & Abandonment Collaborative Environment) network was launched on the 20 September 2016 at an exclusive meeting in Houston, Texas, hosted by ExxonMobil, a founding member of the network alongside ConocoPhillips.
With key industry drivers identified as cost-effective plugging and sealing, rigless P&A, and barrier verification & multi string logging, the network aims to promote P&A collaboration in order to:
- Increase awareness of the global regulations
- Understand capabilities of current and emerging technology
- Share knowledge and experiences to improve operational best practice
- Collaborate on cost-effective solutions to common technical challenges