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North Sea upstream: 5 things to look for in 2024
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*Please note that this report only includes an Excel data file if this is indicated in "What's included" below
Report summary
A UK general election is expected in 2024, with future of the upstream sector central to the political debate on energy security. The long-term impact on the UKCS could be significant. In contrast, Norway will continue to underpin energy supply within Europe. Total investment will remain broadly flat, despite record levels of development in Norway and a pipeline of potential projects in the UK. Deal activity should also pick up. Exploration in Norway could return to levels not seen since 2015 and COP28 and the UK emissions consultation will impact decarbonisation across the North Sea.
Table of contents
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Executive summary
- 1. UK general election puts North Sea's future on the line
- 2. Sanctioned investment will fall but production will hold up
- 3. Exploration wells to watch in the Barents Sea and Southern Gas Basin
- 4. UK gets tougher on emissions, but electrification still faces headwinds
- 5. M&A will continue to recover in 2024
- What to look for in 2024 – a regional upstream series
Tables and charts
This report includes the following images and tables:
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FIDs and investment sanctioned by year2024 North Sea wells to watchWest of Shetland electrification potentialNorth Sea upstream emissionsNorth Sea value traded and deal count
What's included
This report contains:
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