North Sea offshore decommissioning costs will cost the UK oil industry some $24 billion over the next decade.
- Nov 23, 2022, 12:00 PM CST
The decommissioning sector will outlast oil and gas production and will continue growing for years to come, Offshore Energies UK , the leading representative body for the UK’s offshore energy industry, said in a newDecommissioning of end-of-life oil and gas assets is a big opportunity for the supply chain operators, but new challenges have recently emerged in the sector due to extreme volatility in oil and gas prices and the UK’s windfall tax on North Sea operators, which could impact the pace...
The industry body predicts an upsurge in activity as there are 612 wells, 59 topsides, 58 substructures, 1,820 kilometers of pipelines, and 14,029 tons of subsea infrastructure set to be decommissioned between now and 2024 alone. Wells continue to dominate the decommissioning market with an overall 48% share of the spending, with topsides and subsea infrastructure removal also accounting for a significant portion.
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