Since 1901, the oil and gas industry has been a major contributor to the Canadian economy and one of its primary GDP drivers. The many benefits that oil and gas provided this country subsequently led to large scale exploration aimed at accessing new energy reserves. This exploration left some pretty big unintended issues behind. In Western Canada alone, there are over 130,000 inactive (non producing) oil and gas wells. This is a very serious environmental, social, and economic problem as these inactive wells are emitting pollutants into the surrounding environment. The opportunity cost of not investing in the proper abandonment and reclamation of these wells is significant.
There is no end in sight for oil and gas usage. In fact, trends show that exploration will continue for the foreseeable future and, likewise, so will the problem of inactive wells which are currently increasing at a rate of 6% per year.
The reclamation of these inactive well sites could potentially cost hundreds of billions of dollars and take decades to complete. With the shift in public perception towards environmental stewardship, it is imperative for the industry to attack this problem head on.
End of life obligations have always been a necessary process in the oil and gas industry. However, since they do not add value to organizations, they have been greatly ignored. The industry is changing and organizational behavior needs to change with it. Closure's systematic process to evaluate and identify risk allows us to make decisions with confidence, providing certainty and efficient execution.
Our unique way of ingesting and interpreting data saves our clients time and money. Our proprietary data analysis algorithm minimizes the potential of running into an unforeseen "black swan" event and provides financial clarity into producers' liabilities.
Our ability to analyze clients' well sites is unmatched. Closure's technology platform ensures that we know your liabilities better than you know them yourself.
We embrace cutting edge analytical methods to help us make decisions. With these methods operational "Gut Feelings" are a thing of the past.
Our team blends decades worth of experience in oil and gas with data modelling, technology and strategy professionals. Our diverse skillsets ensure that Closure will remain on the cutting edge of abandonment technology.
Albert is a professional engineer with 25 years in the upstream oil and gas industry. Throughout his career he has gained multifaceted experience in drilling, completions, workovers, optimization and abandonments. In each of his many and diverse roles he always found success in embracing technology to drive success. By applying a systematic approach combined with industry leading data analysis, we can eliminate the mystery around "how big of a liability do I actually have?"
Scott Pincock brings over 20 years of Oil and Gas experience in finance. Over the past decade he has completed the successful start, capitalization, and eventual sale or restructuring of multiple corporate entities. He currently serves as CFO of Elcano Exploration, a private oil and gas company, as well as director of Atoll, a seismic data enterprise. Before white collars and boardroom politics, Scott’s passion and respect for the energy industry began working as a Roughneck drilling oil and gas wells for Jomax and Precision Drilling.
Alex has 15 years of experience in developing data driven tools. In a data-rich environment like oil and gas, that means getting your data to work more so that you can work less. Alex has worked in rural Alberta, the head-offices of Calgary, and internationally for both producers and service companies. Wherever he goes, he works to maximize efficiencies, from tracking pipeline failures, to creating tools to write workover programs and designing predictive models for artificial lift. Alex is helping Closure to use data to help create a more sustainable oil industry.
Eric has a decade of experience maximizing efficiencies for start-up businesses. He keenly understands the steps businesses need to take in order to develop both effective internal systems and impactful external messaging to bring about success. His experience in business processes and planning, customer acquisition as well as the excellent retention and strategic communications he has developed with dozens of clients has made him a valuable asset to the Closure team.