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Strategic Ventures in the North Sea: adapting and innovating for growth
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Report summary
On 20 May 2025, Wood Mackenzie delivered a keynote address to open DEVEX 2025 in Aberdeen. The title of the presentation was "Strategic Ventures in the North Sea: adapting and innovating for growth". In the past decade, a new wave of strategic ventures has emerged in the upstream industry, with most of them in the North Sea. In the UK, Ithaca Energy combined its business with Eni UK in 2024. This was swiftly followed by the announcement in December 2024 that Equinor and Shell are to combine their UK upstream businesses, while the trend continued with NEO Energy and Repsol Resources UK announcing a strategic merger in March 2025. This presentation discussed: What are strategic ventures? What is the rationale and purpose behind them? What has driven their expansion in the North Sea? How will this trend evolve?
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Upstream strategic ventures
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