An average capital expenditure (capex) of USD 19.5B 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 USD 35.5B over the three-year period, while heavy oil fields will require USD 5.1B over the same period. Investments into gas projects in North Sea would total USD 17.9B in upstream capital expenditure by 2020.
Shallow water projects will be responsible for over 92% of USD 58.5B of upstream capital expenditure in North Sea. The deepwater projects will necessitate USD 4.9B in capital expenditure over the period.
GlobalData expects that Statoil ASA will lead North Sea in capital expenditure, investing USD 9.8B into the region’s upstream projects by 2020. Petoro AS and BP Plc will follow with USD 3.5B and USD 3.3B invested into North Sea’s projects between 2018 and 2020.
