Insight
North Sea upstream: 5 things to look for in 2023
This report is currently unavailable
*Please note that this report only includes an Excel data file if this is indicated in "What's included" below
Report summary
The North Sea will continue to churn out lots of cash in 2023. Production will be stable, driven by up to 14 start-ups including Shell’s Penguins redevelopment in the UK. Investment will creep up, helped by a record number of FIDs in Norway in 2022. The UK could sanction the highest level of spend in 20 years but there is lots of uncertainty. It’s now or never for Cambo and Rosebank. We have identified five key themes to watch in the North Sea upstream sector (UK, Norway and Denmark) in 2023: Cash flow: will it be companies or government that set new records? Investment: how many FIDs are expected and what's required to get them over the line? Exploration: where are the wells to watch? M&A: what's in the deal pipeline? Decarbonisation: could we see the first electrification project sanctioned in the UK?
Table of contents
-
Executive Summary
- 1. Stable production and continued profits
- 2. Investment to rise but UK FIDs face increasing uncertainty
- 3. Exploration – Norway’s local heavyweights continue to underpin activity
- 4. M&A: plenty of opportunities but execution will be the challenge
- 5. Decarbonisation: setting the foundations for long-term targets
- What to look for in 2023 – a regional upstream series
Tables and charts
This report includes the following images and tables:
-
North Sea government shareInvestment by countryInvestment by development status
-
FIDs and investment sanctioned by yearUK wells to watchNorway wells to watchNorth Sea deal spendNorth Sea upstream emissionsCCS awarded and open licencesNorth Sea insights summary
What's included
This report contains:
Other reports you may be interested in
Insight
Corporate themes: 5 things to look for in 2017
We assess the 2017 prospects for the Majors, Independents and NOCs, focusing on five themes.
$1,350
Insight
CCUS: 5 things to look for in 2026
We highlight the five key themes to look out for in 2026
$1,250
Insight
US Upstream: Five things to look for in 2017
Our predictions for US Upstream in 2017 covering cost inflation, onshore and offshore drilling, oil supply, productivity gains and more.
$1,350
