How do you make new money from old offshore fields? The choice between investing in older assets or decommissioning them depends on oil and gas prices, the ingenuity of technical people, and the willingness of a company’s executives to hold on to older assets.
An emissions-reduction study conducted for a Middle East operator identified potential annual savings of $10–$15 million, a 20% decrease in total Scope 1 CO2eq emissions, 10 MW of energy reduction, and delivered more than 100 recommendations for both technical and internal framework improvements.
Something often talked about but rarely occurs is the reuse of an existing, but idled, production platform on a new field. LLOG wants to change that with ambitions to rejuvenate the former Independence Hub floating production system for use on its Leon/Castile project in the deepwater Gulf of Mexico.
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President's Column
  • The SPE Strategic Plan to be developed needs to take into consideration the hardships and changes that have affected the industry and SPE members. It must provide a solid foundation to best serve our members’ needs into the future using a financially sustainable model.
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