Multi-billion dollar plug and abandonment market emerges in Australia
- Date: 02-Jul-2021
- Source: Energy Voice
- Sector:Financial Markets
- Country:Gulf
Multi-billion dollar plug and abandonment market emerges in Australia
Australia is on the verge of its largest-ever wave of decommissioning as offshore development wells reach the end of their producing life. This is both adding headaches for producers and creating a multi-billion dollar opportunity for plugging and abandonment (P&A) suppliers.
All the big upstream players in Australia, particularly ExxonMobil, BHP, Woodside and Santos, will be seeking to increasingly decommission wells.
A Rystad Energy report shows that the number of wells requiring P&A will jump from 160 today to more than 440 by 2026, with a further 172 offshore exploration wells waiting in the queue.