North Sea Oil and Gas Upstream Market Outlook
The North Sea oil and gas upstream market size was valued at USD XX Billion in 2022 and likely reach to USD XX Billion by 2031, expanding at a CAGR of 3% during the forecast period, 2023–2031. The growth of the market is attributed to the reduction in the cost of offshore drilling.
The oil & gas sector is divided into three key operations such as upstream, midstream, and downstream. The complete process entails the extraction, storage, and refining of petroleum products. Oil is a hydrocarbon combination made up of liquid petroleum and natural gas extracted from the North Sea's petroleum resources.
The COVID-19 pandemic has negatively affected the North Sea oil and gas industry. This was due to the termination of mining and exploratory operations. However, the lowering number of cases and the North America’s economy recovery are expected to aid in the market's recovery.
Market Trends, Drivers, Restraints, and Opportunities
- Growing industry investment and rising oil consumption are expected to drive demand for the North Sea oil and gas up stream market during the forecast period.
- The expansion of natural gas pipelines is expected to boost market growth.
- Rising energy requirements and ongoing marine exploration and production initiatives is expected to boost the market expansion.
- Rising cost of extracting oil and natural gas can hamper the market growth.
- Increasing usage of renewable to meet energy requirements is projected to hinder the market.
- The substantial quantity of residual oil and gas reserves is expected to create many opportunities for the North Sea oil and gas upstream sector during the projected period.
Scope of Oil and Gas Upstream Market Report
The report on the North Sea oil and gas upstream market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Oil and Gas Upstream Market - North Sea Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Water Depths (Shallow Water and Deep Water)
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Geographical Scope
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The UK, Norway, and Others
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Geographical Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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Equinor ASA; Exxon Mobil Corporation; Royal Dutch Shell Plc; BP plc; and Total SA
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North Sea Oil and Gas Upstream Market Segment Insights
Shallow segment is expected to grow at a rapid pace
Based on water depths, the market is divided into shallow water and deep water. The shallow segment is expected to grow at a rapid pace during the forecast period due to lower capital investments and higher oil prices.
Moreover, Norway and the UK are responsible for the majority of upstream oil and gas operations in the North Sea. More than 84% of the UK's oil and gas output originated from shallow water in the area.
The UK's oil and gas industry is dominated by offshore production, which accounts for nearly all of the country's oil and gas output. Additionally, the production on the UKCS (United Kingdom Continental Shelf) comes from over 300 minor fields and others that are far more technically difficult to generate.
The UK distributed more than 39 offshore contracts in 2019, the majority of them are for shallow-water activities, which is expected to boost the segment growth.
The UK is anticipated to constitute a key market share
In terms of regions, the North Sea oil and gas upstream market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The UK is expected to constitute a key share of the market during the projected period.
A In 2018, the UK generated more than 49.8 million ton of oil, contributing more than 6% of total oil production in Europe, which was higher than the 46.6 million tons produced in 2017.
Furthermore, The Culzean operation in the North Sea ended in 2019, and was projected to generate more than 190,000 barrels of oil equivalent a day of hydrocarbon by 2020. The North Sea oil and gas upstream sector is expected to benefit from further growth in the region.
Segments
Water Depths
Geography
Key Players
Competitive Landscape
Key players competing in the North Sea oil and gas upstream market are Equinor ASA; Exxon Mobil Corporation; Royal Dutch Shell Plc; BP plc; and Total SA.
Companies are engaging in partnerships and collaborations to expand their market share.
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