2019 Northwest Europe Upstream Development Outlook - Surge in New-Build Oil and Gas Project Starts for 2020
Summary The latest report, ‘2019 Northwest Europe Upstream Development Outlook - Surge in New-Build Oil and Gas Project Starts for 2020’, reveals that in Northwest Europe, a total of 94 crude and natural gas projects are expected to start operations in four countries, during the period 2019-2025.The UK leads among countries with 51 upcoming projects, followed by Norway with 40 projects by 2025.
The key oil and gas projects in Northwest Europe are expected to contribute about 902 mbd to global crude production and about 2,913 mmcfd to global gas production in 2025. However, natural gas production for Northwest Europe is forecast to decline by approximately 25% from current levels over the next five years as upcoming projects struggle to offset overall declines.
Gas production fell year on year over the last two years, a trend that is set to continue over the forecast period.The lack of major upcoming gas projects, alongside a production phase out at the giant Groningen gas field, has set a clear downward trend for gas production in Northwest Europe.
Despite rising gas production for Norway and the UK over the near term, declines in the Netherlands, Denmark and Ireland outpace volumes introduced from upcoming projects.
In 2019, oil production in Northwest Europe rose from 2018 levels but gas volumes declined comparatively.Looking forward, Northwest Europe’s oil production is set to rise potentially out to 2023 as major fields ramp up and Johan Castberg production commences.
For gas, the outlook is less optimistic as the number of large gas projects coming on-stream is limited and post 2021 could see dramatic declines in gas production without the addition of future projects.
An increase in project starts can be expected for 2020 to the highest level since 2017, driven mainly by shallow water subsea developments.Of those project starts, the UK is set for a deepwater return, as no deepwater projects came online in 2018 or 2019, and a resurgence to levels last seen in 2017 is predicted.
Across the region, a higher number of oil focused developments are due to startup in 2020. Oil-focused developments are set to see a higher proportion of invested capital over the period.
This likely reflects the development of upcoming major oil projects and a currently more stabilized oil price environment; whereas gas-focused developments are lacking due, in part, to weak domestic gas prices, as well as gas infrastructure constraints in certain basins.
Scope - Oil and gas production and capex outlook by key countries in Northwest Europe
- Planned projects starts by key countries and project count by basin, field terrain, and facility type in the region
- Latest project updates and details of key planned crude and natural gas projects in Northwest Europe
- Expenditure outlook by key countries, basins, field terrain, facility type and companies in the region
Reasons to buy - Understand oil and gas production outlook for the Northwest Europe
- Keep abreast of key planned production projects in the region
- Facilitate decision making on the basis of strong oil and gas production outlook
- Develop business strategies with the help of specific insights on Northwest Europe production and capex outlook
- Assess your competitor’s planned oil and gas production projects
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