Opinion

Over $58.5bn Will be Spent on North Sea’s Upstream Capex by 2020, says GlobalData


An average capital expenditure (capex) of $19.5bn per year is forecast to be spent on 568 oil and gas fields in North Sea between 2018 and 2020, according to GlobalData, a leading data and analytics company.

Capital expenditure in the North Sea's traditional oil projects will add up to $35.5bn over the three-year period, while heavy oil fields will require $5.1bn over the same period. Investments into gas projects in North Sea would total $17.9bn in upstream capital expenditure by 2020.

Shallow water projects will be responsible for over 92 percent of $58.5bn of upstream capital expenditure in North Sea, or $53.6bn by 2020. The deepwater projects will necessitate $4.9bn in capital expenditure over the period.

GlobalData expects that Statoil ASA will lead North Sea in capital expenditure, investing $9.8bn into the region's upstream projects by 2020. Petoro AS and BP Plc will follow with $3.5bn and $3.3bn invested into North Sea's projects between 2018 and 2020.

Johan Sverdrup, a planned conventional oil field in the Northern North Sea Basin, will lead capital investment with $8bn to be spent between 2018 and 2020. Statoil Petroleum AS is the operator for the field. Mariner, another planned oil field in the Northern North Sea Basin, follows with a capex of $2.6bn. Statoil (U.K.) Ltd is the operator of the field. Tyra, a gas producing field in Central Graben Basin, will follow next with a capex of $2bn. Maersk Olie og Gas AS is its operator. All the three fields are shallow water fields.

GlobalData reports the average full cycle capital expenditure per barrel of oil equivalent (capex/boe) for North Sea projects at $12.82. Shallow water projects have the lowest full cycle capex/boe at $12.76, followed by deepwater developments with $15.73.



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