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Current Offshore Decommissioning Trends

The current oil price collapse potentially accelerates a looming wave of offshore oil and gas field decommissioning activities, as more fields may struggle to be economic under existing market conditions.

Recent IHS Markit analysis indicates that technology and broader forms of innovation can significantly reduce decommissioning costs. Yet, this same analysis reveals a consistently low industry prioritization placed on decommissioning-related technology development — a contradiction that needs to be resolved.

This IHS Markit webinar explored current offshore decommissioning trends, the technology landscape and its potential to reduce decommissioning costs, and the efforts necessary to achieve benefits on an industrywide scale.

Registration

Use the Watch Now button in the banner to access this on-demand webinar.

Cost to Attend: $100 USD

System Requirements

The ON24 specifications can be found here:

ON24 System requirements

Key findings included:

  • A large bill coming due: IHS Markit analysis shows global offshore decommissioning costs reaching nearly $180 billion over 2020-40, with a $12 billion annual peak originally projected in 2036-37. With recent industry developments, decommissioning activities appear to be accelerating, pulling costs forward and making efficiency gains even more relevant.

  • A range of technology-enabled cost reduction opportunities: While the focus to date has been on business improvement, new technologies and innovative practices (e.g., well plugging and abandoning techniques, (infra)structure removal) show the greatest cost reduction potential. Decommissioning can further benefit from digitalization-enabled efficiency initiatives introduced following the 2014-15 oil price downturn.

  • Significant benefits available: Technology-enabled cost reductions may range up to 38%, with further benefits possible through digitalization-driven efficiency increases.
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