North Sea upstream: 5 things to look for in 2023 Report

Insight 23 November 2022

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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?

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