The 2024 Decommissioning Report being published tomorrow by Offshore Energies UK (OEUK), details the scale of the challenge facing the North Sea energy industry.
Operators need to plug 200 abandoned North Sea oil and gas wells a year to stay on top of targets but multiple changes to the tax regime are causing continuing economic and fiscal uncertainty and have damaged activity levels.
The full report will be released as hundreds of decommissioning business leaders gather in St Andrews, Scotland for OEUK’s two-day 2024 Decommissioning Conference, the biggest industry event of the year.
Homegrown oil and gas producers now face yet another move of the goalposts following the Chancellor’s Autumn statement later this month.
Despite these setbacks the Insight report and the conference will showcase the expertise and capabilities of the UK decommissioning industry which continues to be the envy of the world.
The Insight report shows that stable government policy can keep the decommissioning industry in the UK and prevent multi-million pound decom contracts being won by European rivals.
A successful approach would secure the future of thousands of skilled UK jobs for decades to come.
The packed decommissioning conference agenda will hear from experts outlining the industry’s new opportunities, ideas, successes and challenges.
Sessions will include among many other topics:
- The multi-billion-pound value of the UK decommissioning industry
- Publication of the world’s first offshore wind decommissioning guidelines
- Cross-basin learning from around the globe
- Achieving excellence in subsea decom operations
- Cost-effective ways to meet legal obligations
OEUK Decommissioning Manager Ricky Thomson said:
“Operators must continue to sanction projects and the supply chain must remain resilient and competitive. The energy transition has decommissioning at its heart and sharing cross-sector information and expertise is crucial. I have no doubt we can make this happen.”
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