An ageing asset doesn’t mean unmanageable, unprofitable and inoperable.
There is still potential to be realised from the UK Continental Shelf (UKCS), despite the challenges of the current climate. In terms of oil alone, it is estimated that there are around 25billion barrels to be recovered.
Global demand for energy continues to escalate and fossil fuels will carry on contributing to the mix.
The UK Government is also committed to supporting the sector, as we have seen from the prior administration’s positive response to Sir Ian Wood’s 2014 state of the industry report.
Oil and gas operators have forecast decommissioning expenditures will cost £1.5billion every year for the next decade.
Oil and Gas UK has launched its annual Decommissioning Insight which is the leading industry forecast for activity and expenditure on the UK Continental Shelf (UKCS).
