Around 1,400 UKCS wells will have to be abandoned over the next 10 years alone at a cost of £7-8billion of which the UK taxpayer will fund around half, according to Malcolm Banks, wells solution centre manager at the Oil and Gas Technology Centre (OGTC).
In February last year, the formal launch of OGAS (established 2012) took place at the Scottish Parliament, where its fresh-out-of-the-box director, Rulzion Rattray, outlined the potential and new opportunities made available through the formation of the academy.
A university in Scotland’s capital has been awarded £1.25million in funding to help set up a new Centre for Energy Economics Research and Policy by oil major BP.
The centre, based at Heriot Watt University, will be involved in providing detailed and statistical analytical support for BP’s Statistical Review of World Energy and its annual Energy Outlook.
Academics will help support BP’s economics team to provide and objective snapshot of the global energy market as well as historical data to provide contract and longer-term research on energy economics and markets.