Re: Bessemer? Not sure on this one, guys.
To answer your question Grape - yes there is some oil still down there, in most of the wells. The problem is the actual pumps probably are obsolete, and the new ones are expensive. Although there may be oil, the big question is: is it worth it to to install a new engine and pump, and will it make a profit. Many old wells will only produce so much a day. The cost of using and maintaining a new set up may not be worth it. Many of the old wells had waxing problems. If put back into use, an old well would need to be cleaned out, possibly drilled deeper and or be 'shot' - a way to crack rock around the bore deep in the well. Another problem is that the government has bought up old leases and had the pumps removed. Now the land remains vacant and unused. oil contamination they say, but often back when the well was drilled, the oil was coming out of the ground on its own! Another issue is natural gas venting from the old wells. not enough to sell to the gas companies but enough to run an engine. Plenty of gas down there, not enough interest of profit to capture and use, unless you have a home nearby.
Some wells are abandoned due to the lack of oil prices and profit. Some are lost due to equipment failure and the inability to replace it. Some are just forgotten as new owners simply have no idea what is out there, or just don't care. Some are just lost to time. Many are bought up by oil lease companies and are shut down in an attempt to drive up oil prices (lack of raw product). The far east has pretty well fixed that problem though. If ol prices go up, some of the old wells may go back into production, with new pumps and modern engines..