The UK’s offshore oil and gas industry spent GBP 1.6 billion ($2.03 billion) on decommissioning in 2022.
That’s according to a new report on UKCS decommissioning from the North Sea Transition Authority (NSTA) released this week, which highlighted that this is the sector’s highest annual total to date.
The report noted that there is “significant opportunity” ahead for the sector, “with GBP 21 billion ($26 billion) of spending on decommissioning forecast for the next decade alone”. It added, however, that the industry must maintain its focus on performance, collaborate effectively, and urgently commit to decommissioning plans to achieve further cost-efficiencies in the face of challenging market conditions.
News article on 10 August 2023 by Andreas Exarheas from rigzone.com
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