Rising costs, extended field production and new developments have increased the forecast capex for decommissioning oil and gas facilities offshore the UK to £40Bn (US$51Bn).
This decommissioning cost estimate is up from the £37Bn (US$47Bn) forecast in November 2022, as developments are added and costs for vessels, drilling rigs and specialist equipment have risen.
The North Sea Transition Authority (NSTA) forecast around £17Bn would be spent on well decommissioning in its latest report, up £1Bn from its previous estimate. £9Bn would be spent on platform removals, £4.5Bn on subsea infrastructure, £3Bn on recycling, site remediation and monitoring and £6Bn on what NSTA calls owners costs.
News article on 18 August 2023 by Martyn Wingrove from rivieramm.com
For further reading, please visit rivieramm.com >> NSTA: £40Bn forecast spend on UK North Sea decommissioning
