UK offshore decommissioning spending rises, but number of wells decommissioned falls due to various challenges.

Despite a 19% rise in spending to £1.7 billion on offshore decommissioning in the UK in 2023, the number of wells decommissioned dropped from 139 to 126. Challenges include competition with the offshore wind industry for resources, cost inflation, and political uncertainty. Future spending is expected to rise to £2.3 billion in 2024, but the high tax on oil and gas profits could deter investment.

November 19, 2024
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