WoodMac: Global Decom Spend Could Hit $105B Over Next Decade
Up to $105 billion could be spent on decommissioning worldwide over the next decade, according to a new report from Wood Mackenzie (WoodMac).
The report, which states that WoodMac expects $32 billion to be spent on decommissioning around the world between 2018 and 2022, said the top three largest decommissioning spenders in the next ten years would be the UK, the US and Norway, respectively. A list of the expected top 12 spenders over the next decade, as highlighted in the report, can be seen below.
These top 12 are expected to spend $82 billion on decommissioning within the next ten years, according to the report.
“The maturity of the North Sea was brought into sharp focus by the latest oil price drop,” the report stated.
“The UK accounted for 16 percent of the estimated 472 fields that ceased production in 2013-2017. It will spend almost $30 billion on decommissioning in the next 10 years, because its upstream business is almost entirely located offshore and many of its platforms already well beyond their intended lifespan,” the report added.
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