Scottish Gov’t adds further $5 million to decommissioning fund
Scotland has launched the fourth round of the Decommissioning Challenge Fund through an injection of an additional £4 million ($5 million).
The Scottish Government announced on its website on Tuesday that funding of £4 million ($5 million) was launched to help maximize the economic benefit to the country from the decommissioning of North Sea infrastructure, following the success of previous projects.
The money from the Decommissioning Challenge Fund is in addition to the £10 million ($12.4 million) committed in the first three rounds of the fund in several locations including Shetland, Kishorn, Aberdeen, Dundee, Leith, and Hunterston.
The third round was in August 2018 when an additional £5 million ($6.45 million) of DCF funding were made available.
The Decommissioning Challenge Fund is open to expressions of interest from July 15 – September 2. This latest round will deliver capital and resource funding for projects in financial year 2019/20.
According to the announcement, it will provide support for projects to enhance the decommissioning market and the supply chain in Scotland.
Regarding the funding, Scotland’s Energy Minister Paul Wheelhouse said: “Industry reports tell us that £15.3 billion ($19 billion) is forecast to be spent in the UKCS between 2018-2027, with further market demand beyond this.
“As the industry continues to build on established capabilities and internationally recognized expertise, such as in well plugging and abandonment techniques, the fund plays a crucial role in supporting the future development of this growing industry.
“Decommissioning North Sea infrastructure will help Scotland’s supply chain gain an even higher share of North Sea projects and capitalize global market opportunities by exporting knowledge and experience.”
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