UK Will Dominate New Crude and Natural Gas Projects in North Sea Region to 2025
- In North Sea, a total of 36 crude and natural gas projects are expected to commence operations by 2025. UK has the highest number of planned projects in the region at 25, while the remaining 9 and 2 will be located in Norway and Denmark respectively.
- Statoil ASA will lead the North Sea in terms of operatorship of planned projects. Key planned projects in the North Sea are expected to contribute 819 thousand barrels of oil per day (mbd) to global crude production and 1.1 billion cubic feet per day (bcfd) to global gas production in 2025.
- UK will account for most of the planned oil and gas production in North Sea in the region by 2025. Statoil ASA is expected to lead the region in terms of key planned oil and gas production.
- In North Sea region, key planned projects are expected to come online with a total capital expenditure (capex) of US$86.5 billion, of which US$43.4 billion is expected to be spent between 2016 and 2025.
- Norway is expected to lead the region, with capex spending of US$27.8 billion during the 2016 to 2025 period, of which US$3 billion will be spent on Johan Sverdrup project. Statoil ASA will have the highest capex spending among all the companies in the North Sea region and is expected to spend a total of US$17.8 billion on key planned projects over the next 10 years.
GlobalData’s Production and Capital Expenditure Outlook for Key Planned Upstream Projects in North Sea report provides analysis on oil and gas production outlook by key countries and companies in the North Sea. It includes details such as planned projects count and starts, and capital expenditure and operating expenditure by key countries and companies.
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