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GlobalData: energy companies set to spend US$43.1 billion on new projects in the North Sea from 2018-2025

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Oilfield Technology,

New project investment in the North Sea is expected to be US$43.1bn with around US$18.9bn being spent to bring the planned projects online and US$24.2bn invested on key announced projects.

Jonathan Markham, Energy Analyst at GlobalData comments, “In 2025, key projects in the North Sea are expected to contribute about 1327.4 thousand bpd of global crude and condensate production and about 1924.4 million ft3 per day of global gas production. In terms of the number of planned oil and gas projects, the UK leads with 11, followed by Norway and the Netherlands with eight and two, respectively. The UK also leads in terms of announced projects with 25, followed by Norway and the Netherlands with 18 and two, respectively.”

Norway is expected to invest the highest capital expenditure (capex) of US$21.2 billion during 2018-2025 comprising US$12.8 billion on key planned projects plus US$8.4 billion on announced projects.

The UK comes a close second with a planned capex spend of US$20.2 billion which includes US$5.6 billion on key planned projects and US$14.6 billion on announced projects during the same period.

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.

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