In the UK and North Sea, around 475 installations will eventually have to be decommissioned and the associated costs for the rest of this decade are expected to average £1.3 billion per year.
Accounting for a potential 40-50% of the cost of decommissioning an asset, well abandonment is an increasingly costly and complex activity to consider.
This topic will be a key focus for the Society of Petroleum Engineers (SPE) on 21 April when its Aberdeen branch hosts the 5th European Well Abandonment Seminar.
What the ‘circular economy’ means to the £40bn North Sea decommissioning market – http://goo.gl/BF1zhJ
A number of major operators, service companies and industry bodies are set to highlight new and existing abandonment techniques and case studies, including Decom North Sea, GE Oil & Gas, Hess and Shell UK.
Ross Lowdon, Chairman of SPE Aberdeen, said: “The number of decommissioning projects estimated for the future is the reason behind the rapid growth of the well abandonment sector, and this will only continue to increase.
“The North Sea is home to many leaders in modern well abandonment techniques and this forum is a hugely effective way for the industry to come together, sharing best practice and new technologies. In order to maximise efficiency whilst importantly keeping costs to a minimum and safety as priority, we must learn from the innovations of others.”
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