LONDON -- Despite the low cycle that the market is facing, 30 crude and natural gas projects are expected to start operations in the North Sea by 2020. The UK will lead with a total of 19 projects, followed by Norway with 10 and Denmark with a single project, according to research and consulting firm GlobalData.
The company’s latest report states that the North Sea has seen improvements during the downturn cycle witnessed over the last three to four years. Projects being sanctioned now have costs around half of those sanctioned in 2013, showing the companies have made clear improvements in cost efficiency. Operating costs have also halved from nearly $30/bbl to just over $15/bbl, while the production forecast has seen an increase from 2016--a trend that is set to continue as new fields are brought on stream.
The total recoverable reserves for the 30 projects expected to start in the North Sea stand at 5.2 Bboe. Statoil ASA holds the most reserves (1.6 Bboe), followed by Lundin Petroleum AB (635.9 MMboe), Petoro AS (610 MMboe), A.P. Moller Maersk A/S (414 MMboe) and Aker BP ASA (381.2 MMboe).
Luis Pereira, Upstream Analyst for GlobalData, explains: “Of the 30 upcoming North Sea projects, 22 are crude oil projects and eight are gas projects. Norway will dominate oil production, while the UK will dominate gas production. The key planned projects in the North Sea are expected to contribute around 690,000 bopd to global crude production and about 1,255 MMcfgd to global gas production in 2020.”
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Headline crude prices for the week beginning 16 September 2019 – Brent: US$69/b; WTI: US$63/b
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