During 2019 to 2025, a total of 69 crude and natural gas projects are expected to start operations in four countries in the North Sea, according to a recent report by GlobalData.
Of the 69 projects, 24 have identified development plans and 45 represent the number of early-stage announced projects undergoing conceptual studies expected to get approved for development.
In 2025, key planned and announced projects in the North Sea are expected to contribute about 1,095 thousand barrels of oil per day (mbd) of global crude and condensate production and about 2,188 million cubic feet per day (mmcfd) of global gas production.
The UK leads the North Sea with the highest natural gas production of 1.1 billion cubic feet per day (bcfd) in 2025. The other 1.1 bcfd of natural gas is expected to be collectively contributed by the countries – Norway, the Netherlands and Denmark in 2025.
Gas production from major planned and announced projects by key countries in the North Sea (mmcfd), 2019–2025
Source: Upstream Analytics, GlobalData Oil and Gas
In terms of crude production from key planned and announced projects, Norway will contribute more than 70% of the North Sea’s total crude and condensate production or 810.9 thousand barrels per day (mbd) in 2025. The UK will be the next biggest contributor, with about 242.8 mbd of crude and condensate production in 2025.
Among countries, Norway and the UK are expected to be the highest capital expenditure spenders on key planned projects with about $11.7 billion and $6.7 billion, respectively, during 2019–2025.
In terms of announced projects, the UK leads with capital expenditure of $11.4 billion, followed by Norway with $9.4 billion.