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Oil companies are being forced to cut spending due to a fall in global oil prices, threatening funds earmarked to dismantle dated off-shore rigs, despite environmental risks.
A drastic drop in revenue caused by the coronavirus outbreak has seen majors such as Total, Royal Dutch Shell and BP having to cut or defer expenditure by billions of dollars.
Decommissioning platforms is not “one of their top priorities”, according to Sonya Boodoo, an analyst at Rystad Energy.
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