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.