The number of non-operational orphaned wells could skyrocket at a time when the oil industry is in danger of entering structural decline North Dakota regulators are currently seeking federal money to pay for hundreds of newly orphaned wells The actual cost of plugging old wells is often way higher than is typically cited on company balance sheets. Plugging old oil and gas wells may cost as much as ten times what the industry routinely estimates, according to a new report from Carbon Tracker. As oil and gas companies walk away from their “stranded liabilities,” the public may be left to pick up the tab. When oil and gas companies are finished with old wells, they are supposed to close them and pay for the cleanup. However, often the wells are abandoned, or “orphaned,” left idled but not plugged up for good. In many cases, these wells are dumped onto […]