New research has warned that high oil prices, coupled with the UK Government’s windfall tax, could “pose a threat” to North Sea decommissioning targets.
Boston Consulting Group (BCG)
Egyptian Minister of Petroleum and Mineral Resources Tarek El Molla has struck deals with Apache and Yemen, while backing plans for an Egyptian company to pursue petrochemical works in Nigeria.
Viewers were told how decommissioning is the “unsung hero” of the energy transition during an Energy Voice event on Thursday morning.
Oceaneering lands decommissioning ‘world-first’ as six operators team up on dozens of North Sea wells
A group of six operators have signed a “word-first” decommissioning deal with Oceaneering to shut down dozens of North Sea wells as part of a campaign.
Oil companies have long been the target of environmental protestors, but recent campaigns have seen a much wider list for activism.
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).
The decommissioning bill for NEO Energy’s newly-acquired Exxon Mobil assets in the UK has been estimated at $1.1billion (£795m).
The Brent oil price has reached its highest in 13 months, but experts say questions persist on whether activity in the UK North Sea will see a similar resurgence.
The offshore oil and gas sector is “ripe” for emerging new decommissioning models, however analysts BCG said they “strongly doubt” some will survive.
Offshore drilling firms should re-think the “primitive” day-rate business model in order to survive the current industry crisis, according to new analysis from Boston Consulting Group (BCG).
Offshore decommissioning work will be "much more consistent" due to the low oil price and Covid combination, an industry veteran has predicted.
Widespread decommissioning deferrals could lead to a “wave of idle iron” in the UK and globally as companies rush to preserve cash and potentially shut down uneconomic oil platforms, according to new analysis.
New analysis has outlined “huge concerns” for UK taxpayers around whether oil and gas firms will be able to meet their hefty decommissioning costs, with some rising above their company market values.