BiSN receives investment from Oil & Gas Technology Centre
BiSN, which offers innovative metal-to-metal downhole sealing solutions, has been awarded significant investment by the Aberdeen, UK-based Oil & Gas Technology Centre (OGTC).
One of four companies to benefit from a total £1.3m investment as part of the Technology Centre's ‘Call for Ideas' initiative, which aims to have a transformational impact upon well plugging and abandonment (P&A) in the North Sea.
BiSN's Wel-Lok M2M technology utilises a ground-breaking modified thermite heater, in conjunction with bismuth-based alloys, to form a permanent barrier that provides an alternative to traditional elastomer seals, resins and cement.
Commenting on the investment, Paul Carragher, Chief Executive Officer of BiSN, said: "Our technology has been proven in the field to address several fundamental downhole sealing challenges. To receive this investment from the Technology Centre - and benefit from the support it brings for the development of our downhole sealing technology - underlines the potential Wel-Lok M2M has to revolutionise well P&A activity.
"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."
Malcolm Banks, Well Construction Solution Centre Manager of the Oil & Gas Technology Centre, said: "We're delighted to be investing in Wel-Lok M2M that could have a transformational impact on well P&A. Competition for the ‘Call for Ideas' was tough, and we commend BiSN on their work. We're addressing key challenges facing the industry and look forward to working with BiSN to develop their ideas into a solution that deliver real benefits."
The Oil and Gas Technology Centre joins BP, Schlumberger, GE and ConocoPhillips as investors in the company.