Norway is projected to lead in planned oil production in the North Sea, according to a report by GlobalData.
Entitled H1 2017 Production and Capital Expenditure Outlook for Key Planned Upstream Projects in North Sea – Norway to Lead in Crude Oil Production, the report also projects the UK to lead the planned gas production in the North Sea.
A total of 38 crude and natural gas projects are scheduled to start production in the North Sea by 2025. The planned projects are estimated to contribute 880,000bpd to global crude oil production and 1,308 million cubic feet a day of gas to the worldwide output.
The UK has the highest number of planned projects at 27, followed by Norway with ten and Denmark having one. A total capital expenditure (capex) of $81bn is expected on the key planned projects in the North Sea. The UK will lead in capex spending at approximately $21.1bn, with $5bn alone to be spent on the Mariner project.
Statoil Petroleum is expected to lead the planned oil production and Dana Petroleum is projected to lead the gas production. The company will have the highest number of planned projects in the region at four, followed by Dana Petroleum with three and Premier Oil having two.
Statoil is projected to have the highest capex spending of $5.1bn on the key planned projects.