The process of decommissioning of offshore oil and gas platforms, is critical in terms of environmental protection concerns, as it has probable effects on the marine ecosystem, along with disposal of hazardous substances. Offshore decommissioning encompasses different activities for removal of installations, namely, project management, engineering and planning, permitting and regulatory compliance, platform preparation, well plugging and abandonment, conductor removal, mobilization and demobilization of derrick barges, platform removal, pipeline and power cable decommissioning, materials disposal, and site clearance.
A number of oil & gas fields predominant in the North Sea region and Gulf of Mexico region are aging with more than 600 projects expected to be dismantled during the next five years. Thus, decommissioning is a rapidly developing sector in the petroleum business. The high risk and hazard associated with old platforms and rigs have created an intense need to remove these structures. The valuables scavenged such as high-quality steel, cables, machinery, drill bits and others can recoup and offset costs associated with decommissioning.
Technological advancement has resulted in technological obsolescence and shortening lifecycle of machinery. The growing capabilities and capacities of advanced machinery coupled with falling cost of new machinery have created a significant refurbishing business for decommissioning solution providers.
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Industry Major Key Players:-
The major players operating in this market, who have adopted these strategies are TRamboll Group A/S (Denmark), Aker Solutions ASA (Norway), Amec Foster Wheeler (U.K.), John Wood Group Plc. (Scotland), Claxton Engineering Services (U.K.), etra Technologies, Inc., (U.S.), BP P.L.C. (U.K.), Statoil ASA (Norway), DNV GL (Norway), TechnipFMC PLC (U.K.), AF Gruppen ASA (Norway), Allseas group SA (Switzerland) and DeepOcean Group (Netherlands).
Table of content:-
1 Executive Summary
3 Research Methodology
4 Market Dynamics
4.1 Market Drivers 20
4.1.1 Aging Oil And Gas Fields – A New Source Of Revenue 20
4.1.2 Aging Offshore Infrastructure 20
4.1.3 Reduced Environmental And Regulatory Liabilities 20
4.2 Market Inhibitors 21
4.2.1 High Cost Of Decommissioning 21
4.2.2 Lack Of Clear Regulations For Decommissioning Activities 21
4.3 Opportunities 21
4.3.1 Rigs To Reef Programs 21
4.3.2 Reducing Risk By Recycling 22
4.4 Major Offshore Decommissioning Projects Around The World 22
4.4.1 North Sea Region 22
4.4.2 Table Of Approved Offshore Decommissioning Programmes
4.5 Regulations For Offshore Decommissioning 24
4.5.1 Introduction 24
4.5.2 International Conventions 25
To be continued………
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Europe accounts for the most significant share of 70 % regarding global offshore decommissioning market value in 2016, based on the size and volume of the structures, especially in the North Sea. Europe is followed by the North America region led by Mexico owing to the aging platforms most of which are more than 30 years old. The Gulf of Mexico accounts for the most substantial number of facilities requiring decommission with a lower cost structure between USD 0.5 million to 4 million for shallow water structures. The Gulf of Mexico has historically been the most significant region regarding the volume of platforms decommissioned, which is around 4,000. North America offshore decommissioning market was valued at USD 877.1 million in 2016 and which is expected to grow to USD 1,383.3 million by 2023, at a CAGR of 6.83 %.