Opinion

Preparing for the Next Wave of Offshore Decommissioning

Posted by OilVoice Press - OilVoice

12-Apr-2018


Three emerging decommissioning hot spots represent c.50% of those expected to become uneconomical in next 20 years

  • Southeast Asia, Latin America, and West Africa are emerging as hotspots
  • The Arabian Gulf also stands out as a future hot spot- by 2038 more than 1000 structures and 3000 wells in the Gulf will be more than 30 years old

o   Also identified 5 smaller hotspots: Australia, China, Egypt, India and Italy

  • National governments have begun to create a strong foundation for decommissioning, although many have a long way to go (Brazil has removed less than 5% of its offshore platforms)
  • Value of improving decommissioning performance could be worth more than $1 billion per country

o   A country with decom liabilities of $14 billion, the median level among the top 30 countries by total liability, could generate savings of more than $1 billion by improving its decom performance

  • We have identified five steps that governments must take to prepare, as many finance more than 50% of decommissioning costs and operators in some countries may be entitled to reimbursement for up to 100% of these costs depending on contract terms
By THE BOSTON CONSULTING GROUP



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