As an investor in several mid-to-late-life assets, we are aware of the importance to ensure their full economic recovery for reaching Net Zero by 2050 target. We also acknowledge the challenges posed by decommissioning, a more CO2-intensive activity than the repurposing of assets. The decommissioning programmes for our assets are based on assessments of the safety, environmental, and financial factors in the process. They are developed in accordance with the relevant industry guidelines, as follows:
- The decommissioning process associated with our assets is in line with the NSTA strategy that aims to minimise the cost and greenhouse gas impact of these activities.
- The decommissioning of our assets adheres to the Petroleum Act 1998, controlled by the Offshore Petroleum Regulator for Environment and Decommissioning, which operates as part of the Department for Energy Security and Net Zero
RockRose Energy had non-operated interests in 4 B-Block fields – comprising Balmoral, Stirling, Burghley, and Beauly – that ceased production in 2020. As part of the decommissioning activities, the subsea infrastructure and topsides were made hydrocarbon-free, the risers and mooring lines disconnected, and the Balmoral Floating Production Vessel (FPV) left the field in 2021. The FPV is currently being deconstructed at a yard in Denmark. The subsea infrastructure and wells will be decommissioned in the upcoming years.