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First Oil And New Discoveries In The North Sea

Published in Oil Industry News on Tuesday, 8 January 2019

First Oil And New Discoveries In The North Sea - News Item Graphic

Despite substantial oil price fluctuations in late 2018, investments in major projects in the North Sea are likely to continue over the course of the next several years. According to a report issued by GlobalData in October 2018, energy companies are set to spend $43 billion on new projects in the North Sea through 2025.

Leading the project spending is Equinor, which has nine planned and announced projects during that time period worth $6.4 billion, according to GlobalData. The study revealed that 67 oil and natural gas projects backed by four countries currently producing in the region are expected to start operations over the six years. New project investment is expected to be $43 billion with about $19 billion being spent to bring planned projects online and $24.2 billion invested on key announced projects, the GlobalData report stated.

“In 2025 key projects in the North Sea are expected to contribute about 1,327 thousand bbl/d [MMbbl/d] of global crude and condensate production and 1,924.4 MMcf/d of global gas production,” said John Markah, energy analyst at GlobalData, in the report.

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