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We've collated the data and analysed what it means for the North Sea market over the coming 12 months and beyond.
UK: plagued with low activity in 2016, we saw companies tighten corporate budgets due to oil price uncertainty. Activity is expected to pick up in 2017 where near-field exploration success offers high returns.
Norway: four FIDs are confirmed in 2016, but larger decisions continue to be deferred. Up to six FIDs may be possible in 2017 amidst a slew of uncertainty, particularly around larger projects. The future looks brighter with a healthy pipeline of pre-FID projects but larger decisions are not expected until 2018.
The pipeline for the UK, Netherlands and Denmark is much smaller in scale, but we expect activity to pick up in 2017.
As you're faced with uncertainty around projects in the North Sea, we can provide clarity on falling costs, project returns, value and breakevens. Our North Sea Project Tracker can help you:
- Track commercial fields that are either probable, under development or were brought onstream in 2016
- Benchmark projects by concept, operator, status and other categories
- See at a glance the projects where FID is expected in the coming year.