Statoil to Lead Spending in North Sea

 

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A total of 32 crude and natural gas projects are expected to commence operations in the North Sea region by 2025, with the UK claiming the highest number at 22, followed by

Norway and Denmark with nine and one respectively, according to GlobalData.

This estimate is down slightly from GlobalData’s previous estimate of 36 new projects. The change in planned project count is mainly a result of the start of production at several projects. Statoil will lead the North Sea in terms of operatorship of planned projects, with the highest number of planned assets in the region with four crude projects. Maersk Oil & Gas and EnQuest jointly occupy second place.

Statoil will also have the highest capex spending among all the companies in the North Sea region.

In terms of gas production volumes, key planned projects in the North Sea are expected to contribute 869,000 boe/d to global crude production and 996.8 MMcf/d to global gas production by 2025. Among companies, Statoil is expected to lead planned oil production.

In the North Sea region, key planned projects are expected to come online with a total capital expenditure (capex) of US$78.2 billion, $43.1 billion of which is expected to be spent between 2016 and 2025.

Norway will lead the North Sea with expected capex of $23.8 billion during the forecast period, of which close to $13.2 billion will be spent on the Johan Sverdrup project.

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