AFBE - The Challenge of Change: Embracing change drives decommissioning opportunities
25th February 2021 5:00 pm
As oil and gas fields around the world mature, the industry faces increased work in decommissioning. In the North Sea, one of the world’s most mature offshore production basins, decommissioning will be a major industrial challenge, as well as opportunity for the UK. There are hundreds of platforms, millions of tonnes of infrastructure, and thousands of wells that will need plug & abandonment (P&A), removal, and recycling. The UK North Sea is forecast to dominate the global decommissioning work and spend over the next five years. So far, only about 15% of North Sea assets have been decommissioned.
Decommissioning is a costly business, but costs have been declining in recent years. Moreover, this segment of the oil and gas value chain represents an opportunity of innovation, increased cooperation in the supply chain and operators, and development of first-class skills and capabilities within the oil and gas industry in the UK. While significant progress has been made over the years, new ways of working will be critical to ensure we stimulate activity in the supply chain by keeping skills and infrastructure in the UK.
The Challenge of change drives decommissioning opportunities and I would like to demonstrate the value of innovative approaches from recent decommissioning insights and case studies to present a holistic overview of decommissioning in the UK North Sea.
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