The Wells Insight report was published in 2018 followed by The Wells Strategy and Well Activity Performance stewardship expectation, both in July 2019, revealing the following:
Well activity in decline:
- Development drilling down 50%
- 30% of active wells shut-in
- Intervention rates at 14% are too low
- Surveillance rates at 8% are too low
15% of well cost relates to Non-Productive Time
Open water suspended wells
- 240 E&A wells
- average age of 27 years
- abandonment cost increased by a factor
50% of Decommissioning cost associated with wells
A substantial percentage of development activity associated with wells.
This generated the requirement to form the WTF to address these issues
