Nowadays, it is still a challenge to drill wells for the oil, gas and geothermal industry precisely, fast and cheap. Due to high oil price in recent years and the generally conservative attitude for changes in technologies in the petroleum industry, new developments in drilling and completion of a well were sluggish on the market. However, the current price development and rising environmental requirements call for reducing costs, increasing efficiency, highest safety level and sustainability, during the drilling process and over the entire life cycle of a well. This work deals with a feasibility study of a Well Scale Laboratory (WSL) on the location Palmer at the lowest part of the Erzberg in Eisenerz, Styria, Austria. Therefore a drilling rig should be used which is equipped with sensors at all relevant parts of the rig. Also the drillstring and even the borehole should be equipped with sensors for data gathering. At this for continental Europe unique research center, development and research should be done on drilling process and dynamics, well integrity and light weight drilling. Furthermore the WSL offers the industry and students the unique opportunity for training under real conditions in the oil field. The first part of the thesis deals with the local conditions at the well site Palmer. This includes geography and geology, as well as weather conditions and major infrastructure, such as transportation routes and emergency services in the area of Eisenerz. The second part covers possible research and training areas which can be performed at WSL. The subjects are divided into the areas of drilling, production, and reservoir engineering, geology and geophysics. The third part outlines the equipment and personal needed for operation of the drilling rig and gives an economic analysis of the WSL. This is followed by suggestions for the next steps to complete the project for realization.