Obsolete North Sea oil wells offer up a £20bn opportunity
Oil rigs and platforms need to be removed as North Sea wells are abandoned
JEFF J MITCHELL/GETTY
The dismantling of obsolete offshore oil and gas infrastructure in UK waters could be worth more than £20 billion over the next decade, according to industry research.
Offshore Energies UK, a trade body, estimates that annual spending on decommissioning will reach £2.2 billion this year, up from £1.6 billion in 2022.
Another £18.4 billion is forecast to be needed between 2024 and 2031 as huge amounts of structures and pipelines need to be removed along with the plugging and abandonment of wells.
In its Decommissioning Insight report for 2023, which is published today, Offshore Energies said it would be important for the health of domestic supply chains to try to keep as much work as possible in the UK.
About 1,000 North Sea wells are
