Recent M&A activity as well as ongoing discussions within the UK North Sea Oil and Gas industry is shaking many traditionalists. The renewed interest from smaller operators in growing their presence in the region and the arrival of private equity businesses as the new owners of exploration and production companies will mean leaner operations, with shrinking workforces an inevitability.
A £5million decommissioning fund unveiled by First Minister Nicola Sturgeon in Aberdeen yesterday will be targeted at ports looking to cash in on dismantling the topsides of North Sea platforms.
Following Brexit and the continued stagnation of the oil and gas price, 2016 will long be remembered for all the wrong reasons. However, despite the rather gloomy past, 2017 is shaping up to be a far better year for the industry. With advancements in technology and testing, 2017 is set to see new, green shoots of growth return to the sector.
Robot makers will have a chance to compete for £3million worth of funding as part of a competition aimed at developing nuclear decommissioning technology.
The Scottish Energy Minister said an increased in decommissioning costs to the UK taxpayer had been made by Westminster as it “failed to put aside a single penny” to cover liabilities.
At the end of each year, Energy Voice likes to reflect on some of the most read and engaged with stories of the previous 12 months. This gallery looks at our top stories about decommissioning.
There is an unavoidable theme in politics, economics and business at present – uncertainty. But it’s nothing new for the oil and gas industry. A review of oil price figures back to 2008 is evidence of our experience of adapting to change.
Able UK has a message for other British ports considering a big financial outlay on decommissioning facilities: think long and hard before you press the button.
Shell's Brent field is one of the largest in the North Sea. It has served as the cornerstone of North Sea production for the past 40 years. But how do you decommission a project as vast as Brent? Watch the video to find out.