An average capital expenditure of $19.5 billion per year is forecast for oil and gas fields in the North Sea between 2018 and 2020, according to data and analytics company GlobalData on Wednesday.
The company said that this amount would be spent on 568 oil and gas fields.
Out of a total of $58.5 billion, capital expenditure in the North Sea’s traditional oil projects will be up to $35.5 billion over the three-year period, while heavy oil fields will require $5.1 billion over the same period. In additional, GlobalData said that investments in gas projects in the North Sea would total $17.9 billion in upstream capital expenditure by 2020.
The company expects that Statoil will lead in capital expenditure in the North Sea investing $9.8 billion into the region’s upstream projects by 2020.
Between 2018 and 2020, state owned Norwegian company Petoro and BP will follow with investments in the North Sea’s projects with $3.5 billion and $3.3 billion, respectively.
By Murat Temizer