Oil companies are poised to spend as much as $85 billion on the decommissioning of hundreds of offshore platforms, subsea equipment and wells in the next decade to 2030, with Brazil set for a sizeable slice of that market activity.

Brazil is expected to account for about 10% of these investments, with 57 decommissioning processes already approved by market regulator ANP covering ageing platforms in the Campos, Espirito Santo and Potiguar basins, said Shell Brazil E&P lead project manager George Oliva at a panel at the Rio Oil & Gas 2020 digital conference on Thursday.

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Brazilian state-controlled company Petrobras plans to spend $4.6 billion on the deactivation of 18 offshore platforms by 2025, of which 11 are located in the Campos basin.

“Most of the platforms in Campos are in the Marlim field where we are simultaneously conducting a revitalisation project,” said Petrobras decommissioning general manager Eduardo Zacaron.

Petrobras intends to remove seven units from Marlim and replace them with two floating production, storage and offloading vessels — Anita Garibaldi and Anna Nery — that are due to enter operation in 2023.

Zacaron highlighted the case of the P-12 semi-submersible platform being decommissioned from the Badejo field.

Decommissioning activities included the pull-out of 32 risers totalling 7.4 kilometres and the disconnection of 41 wells, of which 27 were plugged and abandoned and 14 were transferred to Trident Energy.

Trident acquired Badejo and nine other shallow-water fields from Petrobras earlier this year but opted not to continue with the P-12, leaving the oil giant with the decommissioning task.

The P-12 produced more than 120 million barrels of oil over 31 years since it started operations in 1984.

Best Oasis, the cash-buying arm of ship-breaking giant Priya Blue Industries, acquired the P-12 at auction in July, with a bid of $330,000.