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Are North Sea cost reductions here to stay?

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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

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