Old Fields, New Life: The Offshore Comeback

Many of the world's offshore fields are mature, having produced for decades, but still hold significant reserves. As capital for new fields tightens, operators are focusing on these assets: redeveloping mature fields, extending the life of platforms and infrastructure, or deciding to decommission. Redevelopment is often the cheapest barrel available, coming on faster and at lower cost than a new field. The choice between redevelopment and decommissioning depends on remaining reserves, the condition of ageing infrastructure, and the cost and liability of removal. Subsea tie-backs, infill drilling, boosting and enhanced recovery can extend field life by years, while decommissioning carries large, long-dated costs for operators and governments. The discussion will focus on how operators decide between extending, redeveloping and decommissioning mature offshore assets, the technologies that make life extension work, and how India can approach its own ageing offshore fields.