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North Sea upstream: 5 things to look for in 2021

Predictions for the year ahead

1 minute read

What's inside this year's report?

There are early signs of recovery from all that 2020 threw at the North Sea. But it won’t be an easy ride. 2021 will be a year to rebuild.

In 2020, deal flow stagnated and value traded fell to a 17-year low, so naturally we expect M&A activity to rise. Norway’s fiscal package has given operators a much-needed boost, but most projects are still being worked up – a select few will get the green light in 2021.

Glasgow’s COP26 will help keep the energy transition at the top of the agenda, while Brexit and Norway’s parliamentary elections could have ramifications for carbon pricing.

Read North Sea upstream: 5 things to look for in 2021 for our experts' view on:

  1. M&A: activity set to rebound?
  2. Energy transition: electrification and CCS lead the way
  3. Thirteen FIDs: activity rises, but projects are smaller
  4. Production: set to remain flat
  5. Infrastructure-led exploration will dominate, frontier still has its place.

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2021 Outlook

How will global upstream trends play out in your region?

Find out