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8 Pages

UK and Norway upstream costs - how far will they fall?

UK and Norway upstream costs - how far will they fall?

Report summary

High capital and operating costs are the single biggest issue for companies in the UK and Norwegian sectors of the North Sea. Developing and running fields while making a profit has become ever more challenging, even during the 'good times' of oil prices around US$100/bbl. Radical changes are
required to correct the cost base. So, what can we expect to change? And why?

We detail our expectations for cost deflation across the UK and Norway.

What's included?

This report includes 1 file(s)

  • UK and Norway upstream costs - how far will they fall? PDF - 438.69 KB 8 Pages, 0 Tables, 6 Figures


This Upstream Oil and Gas Insight report highlights the key issues surrounding this topic, and draws out the key implications for those involved.

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  • Executive Summary
    • What will change and why?
    • What's behind the cost deflation?
    • Why do the UK and Norway differ?
    • The effect of Norwegian Kroner depreciation on costs
    • Model field analysis on deflationary impact
    • What projects and companies will see big cost reductions?
    • What’s the longer term cost outlook?
      • What happens when the oil price recovers?
      • Efficiencies vs unit cost reductions – lessons from history
    • Impact on the service sector
    • What if the oil price doesn't recover?

In this report there are 6 tables or charts, including:

  • Executive Summary
    • Capital costs - expected deflation
    • Operating costs - expected deflation
    • Norway projects based on pre/post deflation*
    • UK projects based on pre/post deflation**
    • Top 20 companies by net capital spend, 2015 - 2025
    • Top 20 projects by capital spend, 2015 - 2025
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