Economic perspectives on renewable energy in offshore oil and gas development: Integrating multiple functions combination degradation maintenance strategies

•The cost feasibility of renewable energy for oil and gas field development was evaluated•The maintenance strategy is optimized to reduce the equipment cost•Real-time electricity price forecast is introduced to analyze the operating cost•An optimization method of maintenance strategy for multi-function combined degradation is proposed. The development and utilization of renewable energy has become a research hotspot in recent years, and it has begun to be experimentally applied in the development of “ultra-deep water” oil and gas fields. This paper proposes an economic perspective of renewable energy in offshore oil and gas development, evaluating the economic feasibility of large, complex, and multi-equipment systems, as well as the grouping maintenance of the system with multiple types of reliability functions. Comprehensively considering the construction cost, maintenance cost and real-time electricity price cost, the reliability and maintenance cost are the objective function, and the real-time electricity price is the influencing factor. The operating costs of offshore oil and gas development over long distances and offshore wind energy are compared. The results show that grouping maintenance can greatly reduce the total cost. As an alternative energy solution, offshore wind can meet the demand for clean energy in the context of economic growth, although the total cost is higher than that of long-distance transmission.