UK class society Lloyd’s Register (LR), Australian engineering firm WorleyParsons, and salvage giant Ardent have created a new consortium targeting the global oil and gas decommissioning market.
The new venture will cover all aspects of decommissioning, from late-life management to planning, readiness for removal, execution, waste management and monitoring post removal.
“This consortium offers a new, collaborative approach to decommissioning for operators,” said Steve Gilbert, director of asset management and decommissioning from classification society Lloyd’s Register. “It represents a fundamental step change for the industry, aligning assurance, project management, and safe, fit-for-purpose removal and disposal.”
The companies behind the new venture reckon the market for decommissioning of older oil and gas infrastructure is expected to be $13bn per year by 2040.
“Decommissioning can be daunting; the cost uncertainty, the colossal project scope and the unknown long-term liabilities,” Gilbert said.