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December 13, 2019updated 16 Dec 2019 11:46am

UK leads planned and announced projects in north-west Europe by 2025

Norway and the UK are expected to be the highest capital expenditure spenders on key planned projects with about US$13.9bn and US$4.3bn respectively, during 2019–2025.

By GlobalData Energy

GlobalData’s latest report indicates that a total of 94 crude and natural gas projects across north-west Europe are expected to start operations in four countries during 2019–2025. 

Among these, 28 represent the number of planned projects with identified development plans (post-Final Investment Decision (FID)) and 66 represent the number of early-stage announced projects that are undergoing conceptual studies and that are expected to get approved for development (pre-FID).

The UK leads among countries, in terms of the number of planned oil and gas projects, with 15 projects, followed by Norway and the Netherlands with 12 and one project, respectively. The UK also leads in terms of announced projects with 35, followed by Norway with 28 projects. Netherlands and Denmark have one project each during the outlook period.

The report is titled, ‘2019 Northwest Europe Upstream Development Outlook – Surge in New-Build Oil and Gas Project Starts for 2020’.

Among countries, Norway and the UK are expected to be the highest capital expenditure (Capex) spenders on key planned projects with about US$13.9bn and US$4.3bn respectively, during 2019–2025. In terms of announced projects, the UK could spend the most Capex of US$17.6bn should all the projects achieve FID within the forecast period, Norway follows second with US$15.1bn.

Among operators, in terms of highest operatorship of planned and announced projects in Northwest Europe, Equinor Energy AS leads with 13 planned and announced projects, of which seven are crude and six are natural gas projects. Aker BP ASA stands second with 12 projects– nine are crude oil and three are natural gas projects. Lundin Norway AS and Equinor UK Ltd together occupy the third position with four upcoming crude oil projects during the outlook period.

Among companies, Equinor ASA has the highest level of spending on planned projects with US$5.1bn, followed by Petoro AS with US$2.1bn and Eni SpA with US$1.4bn, respectively. Equinor ASA is also expected to spend the highest on early-stage announced projects with US$5.4bn should investment decisions be achieved, followed by Aker BP ASA and Siccar Point Energy Ltd with US$3.1bn, and US$2.5bn, respectively.

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