Semi-Annual Production and Capital Expenditure Outlook for Key Planned and Announced Upstream Projects in North Sea - UK Leads Planned Projects Count
Summary In the North Sea, more than 40 key crude oil and natural gas projects are expected to start operations by 2025.The UK leads with the highest number of planned as well as announced projects, followed by Norway, the Netherlands and Denmark.
Key projects in North Sea are expected to contribute up to 940 mbd to global crude production and more than 1,300 mmcfd to global gas production in 2025. Among operators, Statoil Petroleum AS, Statoil UK Ltd and Independent Oil and Gas Ltd lead in terms of operatorship of planned and announced projects.
Key Highlights included in this report - - A total of 46 crude and natural gas projects are expected to start operations in four countries in the North Sea during 2018-2025. Among these, 16 represent the number of planned projects with identified development plans and 30 represent the number of early-stage announced projects, which are undergoing conceptual studies and those which are expected to get approved for development. - In 2025, key projects in the North Sea are expected to contribute about 948.5 thousand barrels of oil per day (mbd) of global crude production and rough about 1.3 billion cubic feet per day of global gas production. - In terms of number of planned oil and gas projects, the UK leads among countries with 10 projects, with Norway and the Netherlands following with five and one projects, respectively. The UK also leads in terms of announced projects with 22, followed by Norway and Denmark with seven and one, respectively. - Among global operators, Statoil Petroleum AS and Statoil UK Ltd lead with the highest operatorship with two planned projects each, of which two are crude and two are natural gas projects. - In terms of announced projects, Independent Oil and Gas Ltd (IOG) has interest in four early-stage projects, followed by Statoil ASA, Statoil UK Ltd, Aker BP ASA, and Parkmead with two projects each. - Proposed capital expenditure (capex) of over US$21 billion is expected to be spent between 2018 and 2025 to bring the planned projects online in the North Sea, with about US$15 billion expected to be spent on key announced projects. - Among countries, Norway, the UK, and the Netherlands are expected to be the highest capex spenders on key planned projects with about US$12 billion, US$7.9 billion, and US$0.4 billion, respectively, during 2018-2025. - With early-stage projects, the UK leads with a capex of around US$8.9 billion, followed by Norway with a capex of more than US$6 billion. - Among companies, Statoil ASA, Lundin Petroleum AB, and A.P. Moller - Maersk AS have the highest level of spending on planned projects with them being around US$6.7 billion, US$2.2 billion, and US$2 billion, respectively. - The highest level of spending on early-stage announced projects are by Whalsay Energy Ltd, BP Plc, and Aker BP ASA, with around US$2.1 billion, US$1.5 billion, and US$1.4 billion spent on capex, respectively.
Scope - Oil and gas production outlook by key countries and companies in North Sea - Planned projects count and starts by key countries and companies in the region - Details of key planned crude and natural gas projects in North Sea - Capex and opex outlook by key countries and companies in the region.
Reasons to buy - Understand oil and gas production outlook for the North Sea - Keep abreast of key planned production projects in the region - Facilitate decision making on the basis of strong oil and gas production forecast - Develop business strategies with the help of specific insights on North Sea production and capex outlook - Assess your competitor’s planned oil and gas production projects.
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