Joined-up thinking about the North Sea?

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There seems to be a lot of thought going into the issue of Decommissioning in the North Sea, with companies perhaps beginning to realise that the traditional approach – to take a ‘finger in the air’ estimate of the potential costs to put into their accounts and then breathe a sigh of relief when the oil or gas price rises and so pushes Cessation of Production (CoP) further into the future – is no longer appropriate.

Stepping right back, it seems to me that the problem we now need to solve is that the total cost of North Sea Decommissioning may be up to £100bn and we the taxpayer may be on the hook for half of this.

Being of the “lower for even longer” persuasion as far as oil and gas prices are concerned, I see two solutions…

 

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