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Operators and the supply chain have cut the bill by 23% from an original estimate of £59.7billion in 2017, in what the regulator described as “good news for the industry and taxpayers” in its 2021 decommissioning cost estimate report.

Oil and gas firms can claim tax rebates on their decommissioning costs, which led to the OGA target to reduce the overall bill in the UK by 35% by 2023 to £39billion.

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Photo Credit: Energy Voice

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