Foresight, NAL Resources crowdsourcing ideas to improve reclamation of Alberta oil/gas wells
Abandoned oil well State Impact PA photo. Foresight
$610,000 in funding available for 2 to 5 candidates to advance new technology, solutions to improve well reclamation
Foresight Cleantech Accelerator Centre and NAL Resources have announced the ARCTIC Innovation Challenge, an effort to find technologies to improve oil and gas wells abandonment and reclamation, according to a press release.
“We are seeking solutions to make the abandonment and reclamation process faster and less expensive for well owners and restore the terrain back to its original state sooner,” said John Kanik, Vice President of Health, Safety and Environment for NAL Resources.
Approximately 75 per cent of the oil and gas industry’s Asset Retirement Obligations (ARO) relates to well abandonment and reclamation.
“New technologies have unlocked the potential in shale reservoirs, and we are looking to achieve similar breakthroughs in the abandonment and reclamation processes. We hope to find solutions that will provide further incentives to address this industry-wide issue,” said Kanik.
After many decades of energy development, well abandonment is on the rise in western Canada and around the world.
The financial and environmental liabilities associated with abandonment and reclamation of wells are both expensive and time-consuming.
“More responsible end-of-life practices will benefit the energy sector across Canada and globally. This Open Innovation approach invites solution providers with cleantech, nano, ICT and life science technologies that have been used in other sectors to join with innovators in energy to find and commercialize new breakthrough solutions,” said Neil Huff, Managing Director of Foresight.
“This ARCTIC Innovation Challenge is a tremendous opportunity for cutting-edge innovators to identify and prepare field trial-ready solutions to a real operational and environmental issue in the resource sector,” added Neil.
The deadline for proposals is Aug. 30, 2017.
Shortlisted candidates will be selected by the end of Sept. 2017, followed by a Challenge Sprint process in which a total of $610,000 in funding will be available for two to five candidates to advance their solutions.
Following the Challenge Sprint, one solution will be selected for additional funding for field testing.
Full details are available here.
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