Exclusive: Brae Area partner defaults on decommissioning costs after buying stake for 75pence

A company which bought stakes in the Taqa-operated Brae Area for just 75pence last year has now defaulted on its decommissioning liability.

Energy Voice has learned that Fujairah Oil and Gas, controlled by the namesake emirate of the UAE, is defaulting on its share of the costs, which is now expected to land on Taqa and its operating partners.

As recently as early 2020, the overall bill for decommissioning the Greater Brae Area was listed in court documents at $1.8billion.

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