A North Sea industry veteran has expressed concerns about the UK’s ability to deliver on its decommissioning responsibilities, as well as doubts over the potential economic benefits.
Aberdeen-headquartered Mermaid Subsea Services UK has successfully plugged and abandoned (P&A) 30 wells in the UK North Sea using the Island Valiant vessel.
The North Sea is unlikely to see rapid growth in decommissioning due to several "speed bumps" slowing the shut down of assets, according to analyst firm Wood Mackenzie.
Oil and gas operators will risk facing fines if they continue to miss well decommissioning deadlines, the North Sea Transition Authority (NSTA) has warned.
Shell's Brent Charlie platform has been removed from the North Sea in the end of an era for the iconic oil field, which gave its name to the Brent crude benchmark.
The NSTA has put the increase down to heightened demand for equipment, vessels and services from other regions and sectors, as well as wider inflationary pressures.
The UK shadow energy minister has warned against profiteering from early decommissioning in the North Sea at the expense of achieving the maximum recovery of resources.
Scotland has the opportunity to be at the heart of a $100billion decommissioning industry, more than double the value previously estimated, according to the chairman of the industry body Decom North Sea.