Global decommissioning set to hit $36bn by 2021: Rystad EnergyCreated: Friday, 22 February 2019 09:18Global decommissioning set to hit record $36 billion over the next 3 years. (Image source: Alexander Meins/Flickr)Global decommissioning in the oil and gas industry is projected to hit an average of US$12bn per year from 2019 through 2021, according to Rystad Energy, an independent energy research companyAudun Martinsen, Rystad Energy partner, said, “2018 was an all-time high, and the next years are set to break this record. Rystad Energy expects these wells will be plugged and abandoned over the coming years. However, as oil prices dropped to painfully low levels in 2015 and 2016, many of these field life extension plans were deprioritised or scrapped altogether,” he stated. “In Asia, North America and Latin America, a growing number of fields are currently under evaluation for dismantlement in the face of the bearish oil market,” he concluded.

Source: The North Africa Journal February 22, 2019 09:22 UTC