Nigeria and other oil producing countries across the world will expend about $105b on decommissioning in the next 10 years. According to a recent report release by Wood Mackenzie otherwise called WoodMac, between 2018 and 2022, nothing less than $32 billion would be spent on decommissioning around the world.
While UK, the US and Norway, were ranked the top three decommissioning destinations in the next ten years, Nigeria followed Angola as the seventh country that would be spending heavily on decommissioning in the next decade.
Decommissioning, a process of safe plugging of the hole in the earth’s surface and disposal of the equipment used in offshore oil production is reportedly becoming a rapidly developing market sector in the petroleum business, with major potential and risks.
Source: The Guardian