North Sea Oil: Decommissioning Costs Outpace New Exploration
Update: 2025-11-25
Description
North Sea oil and gas operators face a significant financial shift, with decommissioning costs projected to surpass new energy exploration spending by 2028. Recent policy changes, including a ban on new fields and a high tax on offshore profits, are accelerating decommissioning plans. The total clean-up cost is estimated at £26 billion over the next decade, potentially reaching £43 billion by 2060. The Treasury could lose £10.8 billion in taxes due to this acceleration. The ban on new exploration remains in place, with the Department for Energy Security and Net Zero stating it wont lower bills, improve energy security, or mitigate the climate crisis.
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