Taqa Energy has announced it will be ending its North Sea oil and gas production by 2027.
The Abu Dhabi-owned company operates seven installation after entering the region in 2007.
Four of the installations will transition to cessation of production (CoP) by the end of the next year, while the other three will follow shortly after, before full decommissioning.
The P&J reports that the oil and gas company has already decommissioned its Brae Bravo platform this year.
“Over the next five years or so we will cease production and disembark all seven of our North Sea assets," said Taqa UK managing director Donald Taylor.
“Next year alone, we will transition four of our platforms towards cessation of production.
“There are, however, multiple other associated activities either in planning or under way, all of which are heavily independent and constitute a plan that’s been devised, developed and been delivered by our exceptionally talented people within Taqa.”
He later insisted that Taqa won't deviate from their decommissioning plans, adding: “Of course, we need to be nimble, and we need to be ready to accommodate any change driven by external factors.
“But we won’t deviate from our strategy, our direction of travel.
“To do so invites inefficiency, uncertainty and potentially costly delays.
“We’re already engaging with peer operators who want to learn more about our decommissioning journey.”
Office building for sale
Taqa's North-east headquarters in the Prime Four business park are also being sold for a whopping £21million.
The company is a sub-tenant of the two office buildings.
“Prime Four Business Park has been an amazing success story for Aberdeen," said Derren McRae, Head of Office for CBRE in Aberdeen.
"From the park’s inception a number of local, national and international companies made the decision to locate their UK headquarters there."
He added: “Having owned these assets since phase one of the development was completed, with circa 10-year leases remaining on both buildings to strong tenants and against the backdrop of a positive occupational story at Prime Four, the institutional landlord has decided now is an opportune time to sell these attractive investment properties.
“We anticipate a strong level of investor demand."