New NCS Decommissioning Company Established
HitecVision, a private equity investor focused on the upstream offshore oil and gas industry, has established CapeOmega, a start-up E&P company focusing on late life production and decommissioning on the Norwegian Continental Shelf (NCS).
After decades of successful exploration and production of the NCS, a large backlog of decommissioning activities has accumulated including the permanent plugging and abandonment of a significant number of old wells.
CapeOmega will be the first operator specializing in tail-end production and abandonment on the NCS, and expects through this specialization to achieve cost savings through scale, the use of state of the art technology and learning from repeated abandonment projects.
Mr. Frode Losnedal, a former CEO of Ross Offshore, has been recruited as CapeOmega CEO.