British industry regulator, Oil & Gas Authority (OGA) will soon publish an industry report detailing the cost of decommissioning on the UK Continental Shelf and the progress being made by industry, government and regulators to reduce costs by more than 30 per cent.
The annual UKCS Decommissioning Cost Estimate Report will give a deeper insight into the landscape of the sector as well as highlight the opportunities and challenges currently facing the market.
Joe Leask, Decommissioning Manager at OGUK, said: "I look forward to hearing more about the progress industry has made in achieving the 35 per cent cost reduction target."
“The UK is a first mover in the decommissioning of complex, deep-water oil and gas assets and the industry must seize future opportunities in the global decommissioning market," he added.
“This includes the development and deployment of CCUS (carbon capture, usage and storage), building on the re-use of offshore infrastructure, industry geological expertise, and utilising the skills and knowledge of our supply chain,” Joe concluded.