Price woes have created a decommissioning maelstrom in the North Sea
Of the 545 fixed installations in the North Sea, 80 per cent will have to be dismantled by 2030 at a cost of £47bn. But is anyone truly prepared?
The elephant in the room for so many years, the oil price collapse has seen decommissioning rocket to the top of the owner-operator. We are now in the danger zone where lip-service will have to turn into action.
In our analysis of the North Sea sector, we look at five particular sticking points that could turn decommissioning into a fiscal and logistical nightmare:
- North Sea decommissioning is largely untested
- Decommissioning notoriously goes over time and over budget
- Job losses have greatly reduced experienced staff in the field
- Bankruptcies have wiped out companies and left their assets in a decommissioning limbo
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