Blowtorch Beach, Turkey: Where Old Offshore Oil Rigs Go to Die

When offshore oil rigs reach the end of their useful lives, many head for their final resting place at blowtorch beach.

There, in western Turkey, ship scrapyards have discovered a new source of income amid the plunge in oil prices over the past 16 months — tearing apart unwanted drilling platforms and selling the steel.

With Brent crude about 50 percent lower than last year’s peak in June, there’s been a surge in demand to demolish rigs along an almost mile-long stretch of beach at Aliaga, on Turkey’s Aegean Sea. Business is brisk, and looks set to pick-up further should bearish forecasts come to pass: Goldman Sachs Group Inc., for one, said last month that oil prices could “ultimately” fall to $20 a barrel. Brent rose 0.3 percent to $51.49 a barrel at 12:08 p.m. London time.