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30 New North Sea Oil and Gas Projects Planned

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North Sea Offshore Projects

More good news for the North Sea as an estimated total of 30 crude and gas projects are anticipated to begin operations in the North Sea by 2020. The UK will certainly lead the way with an overall of 20 projects, complied with by Norway with 9 as well as Denmark with a solitary job, according to research and consulting firm GlobalData.

The company’s most current record states that the North Sea has seen improvements during the decline cycle experienced over the last 3 to 4 years. Operating prices have actually likewise cut in half from almost US$ 30 per barrel to around US$ 15 per barrel, while the manufacturing forecast has seen a boost from 2016.

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The complete recoverable reserves for the 30 projects anticipated to begin in the North Sea stand at 5.2 billion barrels of oil equivalent (boe). Statoil ASA holds the most books (1.6 billion boe), followed by Lundin Petroleum AB (635.9 million boe), Petoro AS (610 million boe), A.P. Moller Maersk A/S (414 million boe) and Aker BP ASA (381.2 million boe).

North Sea Oil and Gas Projects

Luis Pereira, Upstream Expert for GlobalData, said: “Of the 30 upcoming North Sea projects, 21 are crude jobs and also nine are gas. Norway will certainly dominate oil production, while the UK will certainly control gas production.

The essential organized jobs in the North Sea are anticipated to add around 690 thousand barrels of oil each day (mbd) to worldwide crude production and about 1,255 million cubic feet daily (mmcfd) to global gas manufacturing in 2020.”

The scheduled projects in the North Sea are anticipated to call for a complete capital expenditure (capex) of US$ 71.1 billion, of which $37.4 billion is anticipated to be invested in between 2017 as well as 2020.

Norway will certainly lead in regards to capex, spending about US$ 19.3 billion throughout the forecast duration, of which nearly US$ 13 billion will be spent on Johan Sverdrup. At the company level Statoil or Equinor as we will know them will certainly have the highest capex investing, and is expected to spend a total amount of US$ 10.4 billion on crucial planned jobs via 2020.

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According to Pereira, 10 more areas are lined up to start production in the North Sea in between 2021 and 2023. This will represent a further capex investment of US$ 21.2 billion in the region, as well as will add 1.1 billion boe to the recoverable gets. Thanks to GlobalData for the update and we can only hope these projects move forward into physical projects.

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