Foresight and NAL Resources Launch Challenge to Crowdsource Ideas to Abandon and Reclaim Oil and Gas Wells
ARCTIC Innovation Challenge Will Seek Creative Technological Solutions To Close Wells In An Environmentally Robust and Efficient Manner
Vancouver, CANADA – July 25, 2017 — Foresight Cleantech Accelerator Centre and NAL Resources today announced the ARCTIC Innovation Challenge, an effort to find technologies to abandon and reclaim oil and gas wells efficiently while also meeting or exceeding environmental regulations.
“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. “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.”
Approximately 75% of the oil and gas industry’s Asset Retirement Obligations (ARO) relates to well abandonment and reclamation. 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.
“We are delighted to partner with NAL Resources and Foresight on fast tracking innovative solutions to a challenge that has a significant potential impact on western Canadian governments, businesses, and taxpayers,” said Neil Huff, Managing Director of Foresight. “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.
“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 ARCTIC program has a track record of helping industry operate more responsibly, efficiently and cost effectively, and we expect similar results with this challenge.”
The deadline for proposals is August 30, 2017. Shortlisted candidates will be selected by the end of September 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: http://arctic.foresightcac.com/arctic-challenges/sprint-4-nal-resources/.
The ARCTIC Innovation Challenge series is Foresight’s flagship program and is funded with support from Western Economic Diversification (WD), BC Innovation Council (BCIC), and NRC-IRAP. This ARCTIC Innovation Challenge is also made possible through the financial support of industry partner NAL Resources, and the advisory services of consulting partners Tessellate Inc. and The Delphi Group.
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About FORESIGHT CLEAN TECHNOLOGY ACCELERATOR CENTRE
Foresight is a BC-based not-for-profit that provides early-stage innovators in cleantech, automation and advanced manufacturing with the resources, expertise, and partners they need to accelerate their growth and eventually commercialize their products. Foresight startups have gone on to create millions of dollars in investment and 100+ jobs in Canada. ARCTIC is Foresight’s flagship program and brings together industry, entrepreneurs, and the public sector to find and fund cleantech solutions for resource sector challenges in western Canada. Find out more at www.foresightcac.com and follow on Twitter @ForesightCAC.
About NAL Resources
NAL Resources Management Limited produces approximately 27,000 boe per day of oil, natural gas and liquids from its core areas of southeastern and southwestern Saskatchewan and central and northwestern Alberta. The company is based in Calgary, Canada. NAL Resources operates as a subsidiary of Manulife Financial Corporation. NAL remains focused on its strategy of growing through the drill bit, and through corporate and property acquisitions, while also managing oil and gas assets on behalf of investors. With approximately 300 dedicated team members working in Western Canada, NAL Resources brings expertise in all areas of finding, development and the management of oil and gas assets.
FORESIGHT media contact: Alex Carr Tel: 1.778.384.8711 email@example.com
For more information on the ARCTIC program, contact: Neil Huff firstname.lastname@example.org