Low Oil Prices Could Spur Offshore Decommissioning Wave

The total value of the global pool of offshore oil and gas decommissioning projects that will accumulate through 2024 could reach $42 billion, with the North Sea region taking up the biggest chunk, most notably the UK part, energy intelligence company Rystad Energy said in a report.

Rystad says that, with an average asset age of 25 years, the Northwest European decommissioning market could grow 20% in annual commitments through 2022 if the current low oil prices don’t show signs of substantial recovery soon.

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