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Multi-billion dollar plug and abandonment market emerges in Australia
Australia is on the verge of its largest-ever wave of decommissioning as offshore development wells reach the end of their producing life. This is both adding headaches for producers and creating a multi-billion dollar opportunity for plugging and abandonment (P&A) suppliers.
Updated: 02/07/2021, 1:50 am
ExxonMobil has huge decommissioning liabilities in Australia Photo: Andrew Harrer/Bloomberg
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With hundreds of Australian wells stopping production soon, a multi-billion P&A market emerges saudigazette.com.sa - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from saudigazette.com.sa Daily Mail and Mail on Sunday newspapers.
Australia is about to see its largest-ever wave of offshore development wells that reach the end of their producing life and need to be decommissioned. A Rystad Energy report shows that Australia’s number of such wells will jump from 160 today to more than 440 by 2026, with a further 172 offshore exploration wells waiting in the queue.