Decom Engineering has kicked off the new year with a stream of global project wins and awards valued in excess of seven figures, as it eyes further growth and recruitment through 2023.
It cited analysis by Boston Consulting Group stating that by 2038 there would be 1,000 offshore structures in the Arabian Gulf that would no longer be economically viable.
Fears have emerged that the Foinaven FPSO will head overseas for decommissioning, having been sold by owner Teekay.
Tullow Oil has chosen Petrofac to carry out well decommissioning offshore Mauritania, replacing Maersk Decom.
Havfram has won work to decommission subsea facilities at Chinguetti and Banda, offshore Mauritania, from Petronas.
Communities considering legal action against majors are likely to accelerate their efforts amid the ongoing wave of divestitures.
Expro has completed a plug and abandonment (P&A) contract offshore Mauritania for Petronas.
The UK energy market is transitioning, oil and gas is in slow decline, decommissioning is focussing on single lift solutions and the renewables market is in significant growth mode, albeit very cost driven.
Tullow Oil has reported a post-tax loss of $1.22 billion for 2020, with production to continue sliding in 2020.
Tullow Oil expects production to continue declining in 2021 as its Ghanaian assets continue to slide.
The offshore oil and gas sector is “ripe” for emerging new decommissioning models, however analysts BCG said they “strongly doubt” some will survive.
As an up-and-coming area for decommissioning, Africa is following developments in more mature areas, such as the North Sea.