Opportunity: Decommissioning

Country: Malaysia

Sector: Energy

Offshore decommissioning in Malaysia has been a growing area of market interest over the last few years. Around 56% of the country's offshore assets are beyond design life. Of these, 18% have been operating operating for more than 40 years.

Malaysia has more than 3,000 wells, 45% of which have been identified as idle wells.

The Malaysian oil and gas company Petronas has announced plans to permanently plug over 500 wells by 2030. The company has selected 22 wells for plugging and three offshore structures for removal in 2022. For 2023, it plans to plug 29 wells and remove four structures.

There are short-term opportunities in both plugging and the removal of small and lightweight assets.

The total value of Petronas' Malaysian decommissioning campaign is around £250 million.

This opportunity is open to:

• Companies with experience in drilling rigs and Hydraulic Workover Unit, offshore support vessels, lifting and third-party drilling services, engineering services, yard facility, transport, cutting services, conductor removal, pipeline flushing, and other similar areas
• Consultancy companies with experience in waste management or EIA
• Specialist companies involved in plugging and cutting (this is of particular interest to Petronas)

If you are interested in this opportunity and would like to talk to one of our in-market specialists, complete our online form and we'll be in touch.

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