April 2017, Vol. 244, No. 4

Features

Decommissioning of Offshore Oil and Gas Facilities Rising Sharply

The decommissioning of aging offshore oil and gas platforms, subsea wells and related assets is increasing dramatically, with over 600 projects expected to be disposed of during the next five years alone. This rapid trend toward decommissioning is causing spending to rise significantly, according to a study. The IHS Markit Offshore Decommissioning Study suggests spending on decommissioning projects will rise from $2.4 billion in 2015 to $13 billion-per-year by 2040, or an increase of 540%. The report offers a detailed market analysis and assessment of the legal, regulatory and financial requirements for decommissioning in the UK, Norway, U.S. Gulf of Mexico, Indonesia and Australia. Anothe

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