Decommisioninh + Plug & Abandonment Markets are Booming8 Sep 2023 11:31
Oilfield services provider Archer has been awarded a multi-million-dollar decommissioning contract by Repsol Sinopec to execute the plug and abandonment (P&A) work covering 32 wells in the UK sector of the North Sea.
The $165 million contract entails the plug and abandonment (P&A) of 30 wells in the Fulmar field and two wells in the Halley field on the UK Continental Shelf (UKCS). This is a fully integrated P&A project, including well services and engineering, the removal of the existing drilling facility and the installation of a modular rig. The planning and engineering work is expected to start immediately.
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The North Sea oil & gas industry spent £1.6 billion on decommissioning redundant wells and infrastructure last year, more than in any of the previous five years, the latest report by the North Sea Transition Authority (NSTA) states.
The industry spent a total of around £8 billion from 2017-2022 and activity levels are expected to remain high, with about £2 billion a year forecast to be spent on decommissioning in the next decade, representing a “massive opportunity” to keep developing skills and experience in the basin and help the supply chain win lucrative contracts overseas, the Decommissioning Cost and Performance Report writes.
According to the report, UK suppliers are in line to secure around 70% of the work associated with UK North Sea decommissioning projects listed in Supply Chain Action Plans (SCAPs) lodged with the NSTA last year.
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