EnergyWatch

The oil and gas industry is prepared to enter another huge market

The market for decommissioning offshore oil and gas rigs as well and wind farms is emerging, and several operators are now starting to negotiate agreements and enter contracts, tells partner and attorney at Danish law firm Poul Schmidt, which provides legal council to the industry.

Photo: /ritzau/Magnus Holm

Decommissioning tasks are starting to pile up. Companies working with disassembly of spent equipment and decommissioning offshore drilling platforms and wind farms can look forward a growing market with many lucrative orders and new jobs.

The industry has been waiting for a long time and has been repeatedly disappointed by decommissioning tasks being postponed. Oil companies have found extra underground reserves, facilities have been renovated to prolong their lifecycle, and the collapse of oil prices in the late summer of 2014 has for some companies meant they could not afford to invest in decommissioning offshore rigs. As oil prices were again beginning to rise, decommissioning tasks were again postponed for the sake of pumping up the last few drops of oil from underground deposits. But now the time is ripe.

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