Receive our newsletter – data, insights and analysis delivered to you
  1. Comment
October 10, 2018

Equinor leads in total North Sea oil and gas production

GlobalData’s latest report, ‘H2 2018 Production and Capital Expenditure Outlook for Key Planned Upstream Projects in the North Sea – Equinor ASA Leads in Total Oil and Gas Production’, indicates that a total of 67 crude and natural gas projects are expected to start operations in four countries in the North Sea during 2018–2025.

By GlobalData Energy

GlobalData’s latest report, ‘H2 2018 Production and Capital Expenditure Outlook for Key Planned Upstream Projects in the North Sea – Equinor ASA Leads in Total Oil and Gas Production’, indicates that a total of 67 crude and natural gas projects are expected to start operations in four countries in the North Sea during 2018–2025.

Among these, 21 represent the number of planned projects with identified development plans and 46 represent the number of early-stage announced projects that are undergoing conceptual studies and that are expected to get approved for development.

In 2025, key projects in the North Sea are expected to contribute about 1,327.4 thousand barrels of oil per day (mbd) of global crude and condensate production and about 1,924.4 million cubic feet per day (mmcfd) of global gas production.

In terms of the number of planned oil and gas projects, the UK leads among countries with 11 projects, followed by Norway and the Netherlands with eight and two projects, respectively. The UK also leads in terms of announced projects with 25, followed by Norway and the Netherlands with 18 and two, respectively.

Among operators, Equinor Energy AS leads with the highest operatorship with nine planned and announced projects, of which six are crude and three are natural gas projects. Aker BP ASA and Equinor UK follow with six and four projects, respectively.

Content from our partners
How the North of Tyne region is leveraging its legacy to define its future
Q&A with Chevron Lubricants’ Paul Sly, global industrial OEM specialist, and Nathan Knotts, global brand technical manager
The important role of antifoam agents in oil-gas separation and amine treating

During 2018–2025, around US$18.9 billion is expected to be spent to bring the planned projects online in the North Sea, with US$24.2 billion expected to be spent on key announced projects.

Among countries, Norway and the UK are expected to be the highest capital expenditure (capex) spenders on key planned projects with about US$12.8 billion and US$5.6 billion, respectively, during 2018–2025. In terms of announced projects, the UK leads with capex of US$14.6 billion, followed by Norway with US$8.4 billion.

Among companies, Equinor ASA, Lundin Petroleum AB, and Petoro AS have the highest level of spending on planned projects with US$6.4 billion, US$2.2 billion, and US$1.9 billion, respectively. Bridge Petroleum 4 Ltd, Aker BP ASA, and Whalsay Energy Ltd have the highest level of spending on early-stage announced projects with US$4.7 billion, US$2.2 billion, and US$2.1 billion, respectively.

Related Companies

NEWSLETTER Sign up Tick the boxes of the newsletters you would like to receive. The top stories of the day delivered to you every weekday. A weekly roundup of the latest news and analysis, sent every Friday. The industry's most comprehensive news and information delivered every month.
I consent to GlobalData UK Limited collecting my details provided via this form in accordance with the Privacy Policy
SUBSCRIBED

THANK YOU