The most recent Decommissioning Cost and Performance Report published by the North Sea Transition Authority (“NSTA”) on 9 August 2023 showed that the total cost estimate for decommissioning remaining oil and gas infrastructure on the UK Continental Shelf ("UKCS") is over £40 billion.
The UK continental shelf (UKCS) has a “significant role” to play in helping governments achieve their net zero targets in the coming decades, a new report said.
Oil and gas bosses have praised the industry’s “continuing efforts” after production efficiency on the UK Continental Shelf hit the Holy Grail of 80% last year.