Multi-billion dollar plug and abandonment market emerges in Australia

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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.

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