Our report has forecasted that the global Offshore Oil & Gas Decommissioning market will see a capital expenditure (CAPEX) of $8,279 million in 2020. Decommissioning of ageing offshore oil and gas projects has increased substantially over the past few years. Moreover, over 600 projects along the Gulf of Mexico, the North Sea and Asia Pacific 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. Increasing stringent decommissioning regulation are projected to play a crucial role to promote the growth in this market over the next 10 years. Offshore decommissioning is highly complex and potentially has a vast environmental impact. It is also a global industry, and therefore understanding regulations worldwide are essential for companies operating within the market. Crucially, the development of regulation in the offshore decommissioning market has the ability to impact the rate at which the market grows and also how much-decommissioning processes are going to cost.
With such established global offshore oil and gas fields, decommissioning becomes increasingly pertinent. As global offshore oil and gas fields mature, ageing structures must be removed. With the average lifetime of an offshore oil and gas field in the region of 25 to 40 years, this leaves many global structures in need of decommissioning.
The cost involved in the decommissioning varies from project to project and coast to coast. The majority of costs are associated with the jacket, topside and subsea structure removal phases and well P&A. Decommissioning projects are highly complex, lengthy and expensive; the process involves many different stages and can 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.
There are hundreds of companies who either possess offshore oil and gas assets that will need to be decommissioned over the next decade, or who provide consultancy, engineering and other services to the decommissioning industry. Therefore, the following list of companies is by no means exhaustive. Companies have been broken down into three groups: oil and gas companies with offshore assets; decommissioning contractors; and decommissioning consultancies.
Source: ASDReports - Market Research
Date: Feb 26, 2020