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Spending on decommissioning is set to increase every year over the next two decades as offshore oil and gas fields reach their end of life, especially in mature basins such as the North Sea, while onshore wells at the end of their production life need to be safely plugged.
The heightened focus on energy security and the rising cost of energy is reinforcing the difference in decarbonization speed between Europe and the rest of the world – according to the sixth edition of DNV’s Energy Transition Outlook.
All eyes turn to Vienna as OPEC+ meets in person today to discuss production targets.
Norway’s military said on Monday it had posted soldiers to help guard major onshore oil and gas processing plants, part of a wider effort to boost security amid suspicion that sabotage caused leaks in the Nord Stream gas pipelines last week.
The Inflation Reduction Act and its implications for the US oil and gas sector was the highlight of the past month in the American energy industry, where the oilfield services sector added more jobs for a ninth month in a row and where high liquefied natural gas exports made the United States the world’s top LNG exporter.