Are North Sea cost reductions here to stay?

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15 February 2017

Are North Sea cost reductions here to stay?

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.

Table of contents

Tables and charts

This report includes 5 images and tables including:

  • Project FIDs
  • 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

What's included

This report contains:

  • Document

    Are North Sea cost reductions here to stay?

    PDF 352.96 KB