Annual Decommissioning Insight report provides market intelligence
Oil &Gas UK has published its annual Decommissioning Insight 2014– the leading industry forecast for decommissioning activity and expenditure on the UK Continental Shelf (UKCS). The report provides a ten-year decommissioning forecast from 28 operators on the UKCS by region. It highlights the opportunity for operators and contractors to collaborate to maximise efficiency and reduce costs, and for the UK supply chain to build a competitive advantage to meet the needs of maturing oil and gas provinces around the world. The challenge is to see a thriving decommissioning market emerge in the UK as part of a continued and sustained capital investment development programme.
Key findings include:
- A total of £14.6 billion will be spent on decommissioning assets on the UK Continental Shelf between 2014 and 2023.
- Forty-three per cent of the total forecast expenditure will be concentrated in the central North Sea (£6.3 billion). Many of the projects included in the survey for the first time are in this region.
- The largest category of expenditure is well plugging and abandonment at 44 per cent of the total forecast (£6.4 billion).
The full report is available to download here.