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The North Sea oil and gas industry spent £1.6 billion ($1.76 billion) decommissioning redundant wells and infrastructure last year, more than in any of the previous five years, new figures show.
The forecast fell £1.5 billion to £44.5 billion last year – contributing to a total cut of £15 billion since 2017, when the North Sea Transition Authority introduced a baseline estimate of £59.7 billion and set a target of reducing costs by 35% to £39 billion by end-2022.
The North Sea Transition Authority’s (NSTA) Decommissioning Cost Estimate Report 2022 highlights industry’s ability to generate huge savings for the Exchequer and carry out projects in a more cost-effective manner. The forecast fell £1.5bn (2%) to £44.5bn last year – contributing to a total cut of £15bn (25%) since 2017.
The forecast fell £1.5 billion to £44.5 billion last year – contributing to a total cut of £15 billion since 2017, when the North Sea Transition Authority introduced a baseline estimate of £59.7 billion and set a target of reducing costs by 35% to £39 billion by end-2022.