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Energy companies have been slashing exploration and production budgets since the outbreak and the collapse of oil prices, but with few profitable investment options, operators are now likely to increase their spending on oil and gas decommissioning projects. Rystad energy of Norway estimates that the total cost of global oil and gas decommissioning projects will reach US $42 billion by 2024. If the current low oil price shows no sign of rapid recovery, the annual commitment of the retired market in northwest Europe with an average asset life of 25 years to 2020 may increase by 20%. In addition to a rapidly maturing asset base and low oil prices that erode commercial viability and potential life extension, favorable service contract prices will also contribute to the North Sea oil and gas decommissioning market.
So far, only 15% of the North Sea’s oil and gas assets have been decommissioned, but in the next five years, we expect an average of 23 Assets in the North Sea to be shut down every year. In this regard, the UK is expected to lead the way, with nearly 80% of the cost estimated to be spent on decommissioning in northwestern Europe over the next five years, followed by Norway (14%) and Denmark (4%). The total amount of relocation projects in the region during this period is estimated to be about $17 billion. In contrast, the cost of decommissioning in the United States is estimated at $5.7 billion over the same period.
Overall, more than 2500 wells are expected to be decommissioned in the North Sea over the next 10 years, 1500 of which are in the UK. In the next five years, the UK continental shelf will remove nearly 300000 tons of upper deck, of which nearly 50 will be decommissioned. The average cost of removing the upper deck is 5300 US dollars per ton. In addition, nearly 100000 tons of underground buildings are expected to be demolished in British waters. In line with the broader trend in the North Sea, platform wells are expected to account for nearly 70% of well P & A activity.