CAPEX of US$19.5 billion per year is forecast to be spent on 568 oil and gas fields in the North Sea between 2018 and 2020, according to GlobalData.
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"GlobalData: Over US$58.5 billion will be spent on North Sea’s upstream CAPEX by 2020"
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CAPEX in the North Sea’s traditional oil projects will add up to US$35.5 billion over the three-year period, while heavy oil fields will require US$5.1 billion over the same period. Investments into gas projects in North Sea would total US$17.9 billion in upstream CAPEX by 2020.
Shallow water projects will be responsible for over 92% of US$58.5 billion of upstream CAPEX in North Sea, or US$53.6 billion by 2020. The deep water projects will necessitate US$4.9 billion in CAPEX over the period.
GlobalData expects that Statoil ASA will lead North Sea in CAPEX, investing US$9.8 billion into the region’s upstream projects by 2020. Petoro AS and BP Plc will follow with US$3.5 billion and US$3.3 billion 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 US$8 billion 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 US$2.6 billion. Statoil (UK) Ltd is the operator of the field. Tyra, a gas producing field in Central Graben Basin, will follow next with a CAPEX of US$2 billion. Maersk Olie og Gas AS is its operator. All the three fields are shallow water fields.
GlobalData reports the average full cycle CAPEX/boe for North Sea projects at US$12.82. Shallow water projects have the lowest full cycle CAPEX/boe at US$12.76, followed by deep water developments with US$15.73.
Read the article online at: https://www.oilfieldtechnology.com/drilling-and-production/15022018/globaldata-over-us585-billion-will-be-spent-on-north-seas-upstream-capex-by-2020/