Australia-based Woodside Energy has become the latest oil and gas company to employ the abandonment performance review (APR) developed by UK firm Rushmore Reviews.
The APR provides technical, time and cost data to oil companies on wells they have drilled, completed, intervened or abandoned.
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Industry body UK Oil and Gas first proposed the APR in 2007, which is now used by a wide range of international oil companies. It helps them to plan, budget, design and implement permanent well abandonments more efficiently and cost-effectively.
It is also used to benchmark financial liabilities in asset sales and associated securities and provide an objective basis for liability calculations required by the operators in annual accounts.
Woodside Energy drilling and completions vice president Paul Sullivan said: "If you are serious about performance improvement you really have to look beyond your own backyard and Rushmore Reviews provides us with this capability."
Shell Europe well abandonments principle technical expert Jules Schoenmakers said that currently many fields are approaching late life status and we can expect to see a dramatic increase in field-decommissioning activities over the next decade.
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By GlobalData"Significant improvements are required, jointly carried by the industry which means that technology, practices, standards and regulations need to be shared," he said.
"Drilling and completions performance are being extensively benchmarked, but well abandonments were not and so I’m delighted that the APR has had such a strong take-up since we launched it."
