Nearly £1 billion worth of security has been squirreled away to protect UK taxpayers from being slapped with excessive decommissioning bills, a UK Government official said.

The government has been making increasing use of its powers to reduce risk as more fields change hands or finish production, said Pauline Innes, from the Offshore Petroleum Regulator for Environment and Decommissioning (Opred).

Opred sits within the UK Department for Business, Energy and Industrial Strategy and is responsible for approving decommissioning programmes.
Photo Credit: Energy Voice 

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