by Hari Vamadevan, senior VP and regional manager for UK & West Africa, DNV GL – Oil & Gas
The North Sea is known for adapting to change and this year has demonstrated an indication of resilience in the sector. Confidence has slowly returned to a market which has changed dramatically in the last five years.
DNV GL believes the "probabilistic digital twin" (PDT) can close the gap between digital twins – used increasingly by operators to manage the performance of their assets – and risk analysis still largely conducted manually before assets enter service.
While many countries are already taking decisive steps to try and reduce their carbon footprint, the global cost of inaction on climate change is estimated to reach US $23 trillion a year by 2020. But what more can the energy industry be doing to help bring about change?
Decommissioning is now a significant part of the landscape of activity in the UKCS – annual decommissioning expenditure has topped £1 billion since 2015 and may come close to £2bn when Oil and Gas UK reports its estimate for 2018 later this month.
An energy transition is under way on a scale and at a speed that is unprecedented, forced by the growing realisation that climate change is a serious and growing issue, though at what pace remains hotly debated, writes Jeremy Cresswell