North Sea upstream: 5 things to look for in 2020

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18 December 2019

North Sea upstream: 5 things to look for in 2020

Report summary

Some North Sea operators will spend 2020 positioning themselves for the energy transition. But for most of the E&P community, there will be more traditional BD opportunities to go after. PE will reach a cross-road as focus shifts towards an exit. The Supermajor sell off will continue and bargains will be had in the UK. Norwegian prices will continue to be propped up by a group of thriving local buyers. Exploration will remain buoyant and production will rise to 6 million barrels per day. There will also be plenty of project sanctions. The supply chain will welcome the boost but financing options for upstream will tighten. Long payback and carbon intensive projects will be the hardest hit, with only the top developments making the cut. Fiscal policies will remain stable. The UK election result, a Conservative majority, ensures the status quo remains for now. But the stability will only provide short-term relief for the sector, as fiscal policy becomes greener and more progressive.

Table of contents

  • Executive summary
  • 1. M&A: up to US$20 billion in North Sea exits
  • 2. Exploration: buoyant activity but lacking high-impact frontier wells
  • 3. Investment: up to 22 FIDs but plenty of risk
  • 4. Production: will rise to 6 million barrels a day
  • 5. Decarbonisation: how will North Sea operators respond?

Tables and charts

This report includes 6 images and tables including:

  • Potential North Sea exits by value
  • Top 20 wells to watch (UK and Norway)
  • Project FIDs by year
  • Project economics of potential North Sea FIDs in 2020
  • Top producers in the North Sea in 2020
  • Prediction scorecard for our 2019 North Sea upstream: 5 things to look out for

What's included

This report contains:

  • Document

    North Sea upstream: 5 things to look for in 2020

    PDF 1.43 MB

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