SPE Distinguished Lecturer: "No Longer A Sunk Cost: Innovation & Collaboration" by Andy Watt.

Abstract: 

Decommissioning involves the timely, safe, and environmentally responsible removal, or satisfactorily dealing with, infrastructure from offshore oil and gas operations.

With a significant number of aging subsea assets, it’s estimated the cost of decommissioning in Australia alone will exceed US$45 billion over the next 50 years.

Not unlike a Rubik's cube, decommissioning can seem like an unsolvable puzzle. Many sides must work together to solve a complex problem with a multitude of variables including environmental impact, safety, timing, and cost. Many decommissioned materials cannot be re-used and are not easily recycled. Collaboration and innovation are vital to help us find the right combination of solutions to achieve the best outcomes.

Universities play a crucial role in this process by providing access to cutting-edge research, knowledge, and resources. These collaborations can create an environment that fosters innovation, where academia and industry professionals can work together to share knowledge and expertise and explore new technologies and methodologies.

This lecture highlights the subsea oil and gas infrastructure decommissioning challenges we face as an industry, showcases some innovative solutions, and explains how in today's rapidly changing world, innovation and collaboration are essential for achieving success.

The key takeaway is that we must solve this puzzle together. By working collaboratively, we can create a more sustainable future, reduce costs, and achieve more efficient decommissioning.

Like solving a Rubik's cube, cooperation, collaboration, and innovation require patience and persistence, but the rewards can be great, and our subsea infrastructure will no longer be a sunk cost.

Speaker: Andy Watt is an energy industry professional with over 26 years of experience in various technical roles across Australasia, North Africa, the Middle East, and Indonesia. He has expertise in land seismic operations, geophysics, reservoir engineering, forecasting, production optimization, technology, and innovation.

Currently, Andy serves as the Innovation Advisor at Woodside Energy, Australia's largest oil and gas company. In this role, he collaborates with Australian universities and industries to develop and implement innovative technical solutions.

Andy holds a Bachelor of Science (BSc) in Applied Physics and Microelectronics and is an active member of the Society of Petroleum Engineers (SPE).