Lloyd’s, Worley and Argent form decommissioning partnership
4 May 2018
Lloyd’s Register, WorleyParsons, and Ardent have signed a global oil and gas decommissioning consortium deal.
The venture will cover aspects including late life management, planning, readiness for removal, execution, waste management and monitoring post removal, well operatorship, duty-holdership and title of offshore structures, plus independent third-party assurance.
Steve Gilbert, director of asset management and decommissioning for Lloyd’s stated the consortium represented “a fundamental step change” by aligning assurance, project management, and safe removal and disposal.
“Decommissioning can be daunting; the cost uncertainty, the colossal project scope and the unknown long-term liabilities. The consortium helps to reduce the overall cost, time and liability burden for operators and allows them to focus resources on more fruitful activity, knowing that their decommissioning project is in safe hands,” he said.
“As experts in asset and risk management, and a number one provider of verifications services, this approach will assure safety, efficiency and reputation.”
Global spending on oil and gas decommissioning is expected to top £9.5 billion annually by 2040.