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Oil and gas companies operating in the North Sea are holding only a fraction of the security needed to fulfil their mandatory obligations to decommission ageing and inactive wells, new analysis shows.
Oil and gas companies operating in the North Sea are holding only a fraction of the security needed to fulfil their mandatory obligations to decommission ageing and inactive wells, new analysis shows.
The decline of oil and gas industry activity in California is leaving behind a massive decommissioning black hole totalling USD $18.4 billion, new research shows, amid falling production and reduced customer demand.
A report released today by the UK’s oil and gas regulator confirms that decommissioning will require urgent intervention, as ballooning industry costs raise questions about whether firms can afford the clean-up they are legally required to perform.
