The Commonwealth Secretariat has released a new practical guide to help governments manage costly oil and gas decommissioning activities, which are expected to surge as a result of the global energy transition.
Decommissioning is a complex and costly process at the end of the economic life of an individual oil and gas project. It involves the safe plugging and abandoning of oil wells, removal of structures and restoration of the surrounding areas.
For many oil-producing developing countries, the decommissioning process could cost billions of dollars, and if monies are not specifically set aside to pay for these activities, taxpayers may have to foot the bill.
News article on 09 January 2023 by Josephine Latu-Sanft from thecommonwealth.org
For further reading, please visit thecommonwealth.org >> New guide to help governments manage costly oil and gas closures