The next wave of opportunity for Malaysian oil and gas (O&G) players could be in an unlikely space – decommissioning work.
Some US$100 bil worth of decommissioning jobs are available in the Asia-Pacific region over the next decade. According to research firm Wood Mackenzie, nearly 2,600 platforms and 3,500 wells in more than 380 fields are expected to cease production.
Sources say more than 20 platforms around Malaysia could be decommissioned in the next five years, although the combined value of the jobs has not been determined.
Decommissioning work involves the safe plugging of the hole in the earth’s surface and disposal of the equipment used in offshore oil production.
“There aren’t many players which are able to carry out decommissioning work. It wasn’t something we were prepared for as we did not anticipate the volume. That said, we are looking into this opportunity. Decommissioning is still a niche area, but demand will grow,” says a senior executive of an offshore O&G service company.
Technical Waste Services were the company asked by Petronas to identify solutions for NORM contamination in the Mauritania decommissioning project. We partnered with a local company for the Bid and over the course of three months, created all procedures, trained staff and enagemed with the government, Local Environmental Groups and the Port Authority to set up a UK standard waste transfer station and NORM containment area in the port to bulk up materials from the Sub Sea Decom ready for onward travel to Dundee for decontamiantion.
TWS are looking to partner with companies in Malaysia on a consultancy basis ready for the upcoming works.
