The decommissioning costs of oil and gas firms which have recently gone bankrupt or are in financial distress is near $15billion, according to new analysis from Boston Consulting Group (BCG).
By Fraser Moonie, chief executive, Decom North Sea
When I joined Decom North Sea in April, one of the first things I was briefed on was the upcoming Decom Week which would take place in May, essentially replacing the existing Decom Offshore event, which had run for almost 10 years.
The cost of decommissioning in the North Sea has fallen to £46billion, however the Oil and Gas Authority (OGA) has warned that a “slowdown” means its target could be missed.
Troubled operator Hurricane Energy has announced the completion of decommissioning work to its Lincoln well, which it once hoped to develop, in the west of Shetland.
An engineering company has invested more than £700,000 to develop tools which provide greener, faster and safer solutions for decommissioning in the energy sector.
A top inspector says she has “no issue” with waste management firm Veolia’s handling of the Ninian Northern oil platform dismantling job after a union boss raised safety concerns.
A trade union boss has said the Ninian Northern platform, which had its legs blown off as part of a decommissioning project, now looks “really scary” and at risk of “falling over at any time”.
A 20,000-tonne “eyesore” on the Cromarty Firth of more than 12 years is finally being removed as the huge Hutton platform legs are being taken to shore.