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We present the threats and opportunities related to legacy wells in shutdown fields for large-scale CO2 and energy storage. We demonstrate that legacy wells can be assessed with screening methodologies and can be characterized and monitored with non-invasive geophysical methods. Case study of the Frigg field, including assessment of storage capacity of CO2 and H2 and economic assessment of re-entering legacy wells for mitigation demonstrate that historical well-characterized oil and gas regions can be used as major CO2 and energy storage areas.