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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.
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.
The announcement that oil giant BP intends to exit the North Sea is a stark reminder for the UK government to strengthen its decommissioning regulation before any proposed sale, experts caution.
