With more than 600 projects expected during the next five years, decommissioning in the global offshore industry is heading for a perfect storm, says study author. Decommission spending for aging offshore oil and gas assets is on track to increase dramatically from $2.4 billion in 2015 to $13 billion each year by 2040, according to an IHS Markit study. Currently, the industry decommissions an average 120 projects around the world. During the next five years alone, more than 600 projects are expected to be decommissioned in the UK, Norway, the U.S. Gulf of Mexico and Australia. Within that time, Europe will absorb about 50 percent of the spending as major offshore structures in the North Sea are removed. An additional 2,000 projects are targeted between 2021 and 2040 – amounting to a price tag up to $210 billion. Bjorn Hem, senior manager of IHS Markit upstream costs and technology […]