More than 1,000 North Sea oil and gas wells will be decommissioned over the next five years, the UK regulator has said, carrying a multi-billion-pound prize.
A new report from the North Sea regulator says decommissioning costs have fallen by 25% since 2017, but COVID-19 and supply chain pressures have slowed progress towards its 35% goal.
The industry regulator is in the process of drawing up a new decommissioning bill reduction target for North Sea operators.
A new decommissioning data visibility project has been launched by the Oil and Gas Authority (OGA) to offer the supply chain greater visibility of future decommissioning work.
Pressure is mounting on UK Continental Shelf operators to clear away dead wells from the North Sea.
The Oil and Gas Authority (OGA) has forecast that the number of suspended wells in the UK North Sea will surge beyond 1,550 within five years.
The North Sea could face higher decommissioning costs if it doesn’t change its ways of working, the Oil and Gas Authority (OGA) has warned as it sets out its new strategy.
The Oil and Gas Authority (OGA) has pitched a £100m loan fund to the UK Government to stimulate North Sea decommissioning activity.
The formal proposal for an oil and gas sector deal will be submitted to the UK government next month.
Forecasts for North Sea decommissioning spending over the next two years have been cut by half a billion pounds by Oil and Gas UK (OGUK).
Efforts to reduce the UK's offshore decommissioning bill last year were "largely negated" by 5% of operators who increased their costs by £1billion, according to the Oil and Gas Authority (OGA).
The Oil and Gas Authority (OGA) has warned UK decommissioning spending will fall short of estimates over the next two years, bringing concerns of a “significant impact” on suppliers.