GlobalData expects that an average capex of $19.5bn per year would be spent on 568 oil and gas fields in North Sea between 2018 and 2020. Capital expenditure in to North Sea’s traditional oil projects will add up to $35.5bn over the three-year period, while heavy oil fields will require $5.1bn over the same period. Investments into gas projects in North Sea would total $17.9bn in upstream capital expenditure by 2020.

Shallow water projects will be responsible for over 92% of the $58.5bn of upstream capital expenditure in North Sea, or $53.6bn by 2020. The deepwater projects will necessitate $4.9bn in capital expenditure over the period.

GlobalData expects that Statoil ASA will lead North Sea in capital expenditure, investing $9.8bn into the region’s upstream projects by 2020. Petoro AS and BP Plc will follow with $3.5bn and $3.3bn invested into North Sea’s projects between 2018 and 2020.

 

Johan Sverdrup, a planned conventional oil field in the Northern North Sea Basin will lead capital investment with $8bn to be spent between 2018 and 2020. Statoil Petroleum AS is the operator for the field. Mariner, another planned oil field in the Northern North Sea Basin, follows with a capex of $2.6bn. Statoil (U.K.) Ltd is the operator of the field. Tyra a gas producing field in Central Graben Basin will follow next with a capex of $2bn. Maersk Olie og Gas AS is its operator. All the three fields are shallow water fields.

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GlobalData reports the average full cycle capital expenditure per barrel of oil equivalent (capex/boe) for North Sea projects at $12.82. Shallow water projects have the lowest full cycle capex/boe at $12.76, followed by deepwater developments with $15.73.