Over the next decade, production of several hundred oil wells in the Asia-Pacific region will cease, creating a huge challenge for the various industry players, says consultancy firm Wood Mackenzie.
According to Mackenzie, close to 2,600 platforms and 35,000 wells will be decommissioned in the next decade, which could cost over USD 100 billion. The market for decommissioning looks set to be a huge task, for which market players are not wholly prepared, says the analyst firm. This is partly because of a lack of experience in the region, coupled with unclear government regulation.
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