Decommissioning costs to fall in UK North Sea

Efficiency gains and increased expertise are expected to slash decommissioning costs in the UK North Sea over the next decade compared to previous estimates.

Decommissioning expenditure in the basin is expected to come in at around £1.5 billion ($1.9 billion) per annum over the next decade, a drop of around 20% against earlier estimates, according to a new report from industry lobby group Oil & Gas UK (OGUK).