BiSN Secures O&G Industry Investment
Paul Carragher (Photo: BiSN)
Metal-to-metal downhole sealing solutions provider BiSN said it has been awarded significant investment by the Aberdeen-based Oil & Gas Technology Center (OGTC).
One of four companies to benefit from a total £1.3 million ($1.8 million) investment as part of the Technology Center’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 utilizes a 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 Center - and benefit from the support it brings for the development of our downhole sealing technology – underlines the potential Wel-Lok M2M has to revolutionize 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 percent, set by the Oil & Gas Authority.”
The Oil and Gas Technology Center joins BP, Schlumberger (SLB), GE and ConocoPhillips (COP) as investors in the company.
