Norway's decommissioning market has the potential to be the second largest in the North Sea after the UK Continental Shelf.
Norway’s decommissioning market has the potential to be the second largest in the North Sea after the UK Continental Shelf, according to Oil & Gas UK’s first Norwegian Continental Shelf Decommissioning Insight report, which provides a forecast for the region over the next decade.
The Norwegian Decommissioning Insight is the latest in a series of documents Oil & Gas UK has published to help the industry prepare for forthcoming decommissioning projects and follows the publication of the latest annual UK Decommissioning Insight in 2015.
Commenting on Norway’s decommissioning industry, Oil & Gas UK’s Operations Director, Oonagh Werngren, said in a statement:
“While the Norwegian oil and gas industry is less mature than the UK sector and decommissioning activity is in its infancy, the report shows there are 12 concrete facilities, 19 floating steel facilities, 88 steel facilities and nearly 350 subsea systems in place, most of which will eventually require decommissioning. An estimated 3,000 wells will also need to be plugged and abandoned.
“Oil & Gas UK has worked together with the five key operators on the Norwegian Continental Shelf to analyse data that reveals there will be twenty three decommissioning projects, ranging from small subsea tie-backs to full-scale integrated platform removals, between 2015 and 2024. With the Norwegian Petroleum Directorate estimating that decommissioning expenditure during this period could reach NOK 160 billion ($18.6 billion), the activity represents a significant emerging business in the sector.”
Have a news tip? Share it with Rigzone!
WHAT DO YOU THINK?
Click on the button below to add a comment.
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
More from this Author
Most Popular Articles
From the Career Center
Jobs that may interest you