Insight
North Sea upstream: 2021 in review
Report summary
2021 set the scene for a tale of two North Seas. Norway’s upstream sector continued to deliver, as value-traded hit a 15-year high and project sanctions returned to pre-crash levels. In the UK, activity was carried out against a backdrop of looming uncertainty. Greenfield developments faced scrutiny, and the fewest exploration wells drilled in over 50 years saw just 21 mmboe discovered. But there were areas for optimism. We look back at the highlights of 2021 across the UK, Norway and Denmark, including M&A, investment, FIDs, energy transition, exploration, and production.
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