Decommissioning is an integral part of the international energy transition, and of the global push to achieve net zero greenhouse gas emissions and a carbon neutral economy. Decommissioning ranges from conventional oil and gas exploitation to floating wind and solar projects. The prominence of offshore decommissioning will grow with the recent surge in offshore wind deployments, the continuing investment in offshore oil and gas projects, and retirement of aging offshore assets and infrastructure. Global decommissioning spend for the period 2021 to 2030 has recently been forecast at approximately US$100 billion (Source: S&P). The complexities and operational uncertainties cause multifarious challenges, which must be managed throughout the project's life cycle.
This briefing considers the operation of the knock for knock regime specifically in the context of offshore decommissioning contracts and considers its efficacy in managing the risks inherent in international offshore decommissioning operations.