Ahead of the D&A APAC 2024 Conference, set to open its doors in Kuala Lumpur from 12-13 November, Offshore Network has released its Asia Pacific Decommissioning and Abandonment Outlook which reviews the region’s current liabilities and the key players who are undertaking the oncoming decommissioning storm.
The countdown is on for Southeast Asia to stay ahead of what promises to be a prosperous decommissioning market in the decades to come. As many of the region’s upstream assets wave goodbye to their productive years, D&A liabilities continue to tally up meaning the once-distant thought of decommissioning is now firmly at the forefront.
According to Petronas’ Activity Outlook 2021-2023, within Malaysia there are more 3,000 wells in which 45% are idle, with over 500 scheduled to be permanently plugged by 2030. Wood Mackenzie has previously reported that Southeast Asia’s offshore assets, amounting of 2,600 platforms and a staggering 35,000 wells, will eventually need to undergo decommissioning services.
Due to the sheer scope of D&A work in the years ahead, emphasise is being placed on the growing need for knowledge sharing and collaboration throughout the region. With collaboration comes the implementation of innovative technology and more opportunities to reap prosperous results akin to those seen in the North Sea and Gulf of Mexico.
