A new service which aims to improve complex decommissioning processes has been launched.
Lloyd’s Register hopes to help operators, investors and regulators save on costs, improve efficiency and reduce risk by standardising the decommissioning process.
It is offering oil and gas operators a one-stop-shop for the technical expertise and experience needed.
Industry estimates suggest the tax certainty created by new oil and gas decommissioning policies alone could drive an additional investment of more than £13 billion in the North Sea.
Around 8,000 wells are said to ultimately require decommissioning, with two thirds of those expected to be decommissioned in the next 30 years.
Alasdair Buchanan, Energy Director at Lloyd’s Register, said: “We are launching this new service to help duty holders, owners, operators, equity holders and regulators drive significant cost savings, improve project efficiency, reduce risk and safely decommission assets and facilities.
“Following several years of acquisition, we have the in-house capability to support industry across late-life operations and decommissioning.”
Offshore oil and gas decommissioning in the UK and Norway is expected to steadily increase over the next decade.