BCG: Distressed or bankrupt oil firms face $15billion decommissioning costs

oil costs bankrupt firms decommissioning
Middle East

BCG: Distressed or bankrupt oil firms face $15billion decommissioning costs

The decommissioning costs of oil and gas firms which have recently gone bankrupt or in financial distress is near $15billion, according to new analysis from Boston Consulting Group (BCG).

The firm said the figure relates to companies hitting hard times over the last 12 months and warned of the risk that liabilities could “boomerang” onto their joint venture partners, past owners, and/or the government.

BCG issued a similar warning in January, saying the number of bankrupt operators had risen from 25 to 60 over the course of 2020.

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