Insight

Are North Sea cost reductions here to stay?

Loading current market price

Get this report

Loading current market price

Get this report as part of a subscription

Enquire about subscriptions

Already have subscription? Sign In

Further information

Contact us

Submit your details to receive further information about this report.

  • An error has occurred while getting captcha image

Report summary

The oil price drop in 2014 was a major reality check for the North Sea. But by some measures at least, the industry has reacted remarkably well. Country level opex per barrel has dropped 40% in the UK and 30% in Norway. Capex per barrel has reduced by up to 50% in some pre-FID projects. Operators have achieved savings through a combination of supply chain deflation, project optimisation and efficiencies. This report addresses how much can be sustained as oil prices and activity rise.

What's included

This report contains

  • Document

    Are North Sea cost reductions here to stay?

    PDF 352.96 KB

Table of contents

Tables and charts

This report includes 5 images and tables including:

Images

  • Indicative supply chain unit cost movement by category (Jan. 2015 base)
  • Breakdown of typical capex reduction (2014 base level)
  • Breakdown of opex per barrel reduction (2014 base level)
  • Subsea tree demand by FID year

Tables

  • Project FIDs

Questions about this report?

    • Europe:
      +44 131 243 4699
    • Americas:
      +1 713 470 1900
    • Asia Pacific:
      +61 2 8224 8898