North Sea clean-up could cost the UK billions

Analysts predict that decommissioning the oil fields in the UK North Sea shelf will end up a costly affair for the Brits.

Photo: conocophilips

The clean-up, or "decommissioning", of British oil ventures in the North Sea will likely end up costing the UK government more than originally anticipated, writes the Financial Times.

Beginning this year and stretching out over the next 40 years, oil companies on the British shelf will spend millions dismantling drilling platforms and pipelines. The bill left behind by oil companies could rack up to approximately GBP 53 billion, of which a fifth will be spent over the next five years, shows a new report from consultancy firm Wood Mackenzie.

Already a subscriber? Log in.

Read the whole article

Get access for 14 days for free.
No credit card is needed, and you will not be automatically signed up for a paid subscription after the free trial.

  • Access all locked articles
  • Receive our daily newsletters
  • Access our app
An error has occured. Please try again later.

Get full access for you and your coworkers.

Start a free company trial today

More from EnergyWatch

WindEurope warns against negative auction bids

If more countries introduce negative bids, where firms pay to establish wind projects, it could lead to higher electricity bills or more pressure on the supply chain, says the industry association.

BW Offshore halved bottom line in Q1

The Norwegian firm reports decline in several items compared to the same quarter of 2021 but predicts fine advancement in the rest of 2022, for which both floating wind projects and high energy prices show promise.

Equinor exits Russia

Norwegian oil company Equinor has taken its final step out of the Russian market by transferring joint venture assets to Rosneft.

Further reading

Related articles

Latest News

See all jobs