Global offshore oil & gas decommissioning market will see a capital expenditure (Capex) of more than US$8bil between 2020–2030.

Over 600 projects along Asia Pacific, Gulf of Mexico and North Sea are likely to be disposed of over the next five to six years. This, in turn, is projected to drive the global offshore oil and gas decommissioning market over the forecast period.

With the average lifetime of an offshore oil and gas field in the region of 25 to 40 years, a lot of ageing structures in need of decommissioning.

Sapura Energy is among the global oil and gas players with offshore assets. In decommissioning, it provides turnkey engineering, survey and offshore decommissioning services as well as abandonment, platform removal, flowline disconnection; flowline and umbilical recovery.

To note, cost involved in the decommissioning varies from project to project and coast to coast. Majority of costs are associated with the jacket, topside and subsea structure removal phases and well plug and abandonment (P&A).

Decommissioning projects are highly complex, lengthy and expensive; the process involves many different stages and can even take more than a decade to complete.

With such environmental, economic and social pressures, the offshore decommissioning market is set to drastically increase, creating substantial business opportunities along the way.

Linkedin: Azlan Abu Bakar