Offshore oil and gas decommissioning is gathering pace—What role for technology in reducing costs?
|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.|
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