North Sea Region Oil and Gas Market Size (2024 - 2029)

The North Sea region oil and gas market is anticipated to experience growth driven by rising exploration and production activities, spurred by increasing demand for crude oil and natural gas. Despite the potential for expansion, the market faces challenges due to volatile oil and gas prices, which create uncertainty for operators. The upstream segment is expected to lead the market, supported by advancements in deepwater and ultra-deepwater drilling, particularly in Norway and the United Kingdom. Norway is projected to be a key player in the market, focusing on upstream activities to address declines in other fields.

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Market Size of North Sea Region Oil and Gas Industry

North Sea Region Oil and Gas Market
Study Period 2020 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2020 - 2022
CAGR 3.00 %
Market Concentration High

Major Players

North Sea Region Oil and Gas Market Major Players

*Disclaimer: Major Players sorted in no particular order

North Sea Region Oil & Gas Market Analysis

The North Sea Region oil and gas market is expected to grow at a CAGR of over 3% during the forecast period of 2020 - 2025. Factors such as increasing exploration and production activities due to increasing crude oil and natural gas demand are likely to drive the North Sea region oil and gas industry market during the forecast period. However, volatile oil and gas prices are leading to the uncertainty among oil and gas operators, which is likely to restrain the growth of the North Sea region oil and gas market in the coming years.

  • The upstream segment is likely to dominate the market during the forecast period due to the increasing exploration and production activities.
  • Advancements in the deepwater and ultra-deepwater drilling activities in the region like Norway, the United Kingdom, and increasing primary energy consumption are expected to create a significant opportunity for the market players in the coming years.
  • Norway is expected to dominate the market, owing to the increased upstream activity in the country to compensate for the country's declining fields elsewhere.

North Sea Region Oil & Gas Industry Segmentation

The North Sea region oil and gas market include :

Sector
Upstream
Midstream
Downstream
Geography
United Kingdom
Norway
Rest of North Sea Region
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North Sea Region Oil and Gas Market Size Summary

The North Sea region oil and gas market is poised for growth, driven by increased exploration and production activities in response to rising demand for crude oil and natural gas. Despite the challenges posed by volatile oil and gas prices, which create uncertainty for operators, the market is expected to expand, with the upstream segment leading the way. Advancements in deepwater and ultra-deepwater drilling, particularly in Norway and the United Kingdom, are anticipated to offer significant opportunities for market players. Norway is expected to maintain its dominant position in the region, bolstered by increased upstream activities aimed at offsetting declining production from existing fields.

The market landscape is characterized by a fragmented structure, with key players such as Transocean Ltd, Gassco AS, BP Plc, Baker Hughes Company, and Equinor ASA actively participating. Following the oil price crisis in 2014, the market experienced a downturn, but recovery began in 2017-2018, with onshore rig counts rebounding and offshore activities gradually picking up. Significant investments in field developments and recent discoveries have further fueled market growth. As crude oil prices are projected to recover, investments in the oil and gas industry are expected to rise, bringing numerous projects online and driving the market forward.

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North Sea Region Oil and Gas Market Size - Table of Contents

  1. 1. MARKET OVERVIEW

    1. 1.1 Introduction

    2. 1.2 Market Size and Demand Forecast in USD billion, till 2025

    3. 1.3 Recent Trends and Developments

    4. 1.4 Government Policies and Regulations

    5. 1.5 Market Dynamics

      1. 1.5.1 Drivers

      2. 1.5.2 Restraints

    6. 1.6 Supply Chain Analysis

    7. 1.7 Porter's Five Forces Analysis

      1. 1.7.1 Bargaining Power of Suppliers

      2. 1.7.2 Bargaining Power of Consumers

      3. 1.7.3 Threat of New Entrants

      4. 1.7.4 Threat of Substitutes Products and Services

      5. 1.7.5 Intensity of Competitive Rivalry

  2. 2. MARKET SEGMENTATION

    1. 2.1 Sector

      1. 2.1.1 Upstream

      2. 2.1.2 Midstream

      3. 2.1.3 Downstream

    2. 2.2 Geography

      1. 2.2.1 United Kingdom

      2. 2.2.2 Norway

      3. 2.2.3 Rest of North Sea Region

North Sea Region Oil and Gas Market Size FAQs

The North Sea Region Oil and Gas Market is projected to register a CAGR of greater than 3% during the forecast period (2024-2029)

Transocean Ltd , Gassco AS , BP Plc, Baker Hughes Company and Equinor ASA are the major companies operating in the North Sea Region Oil and Gas Market.

North Sea Region Oil & Gas Market Report Snapshots

North Sea Region Oil & Gas Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)