North Sea Oil and GasCompanies (2024 - 2029)

North Sea Oil and Gas Market Companies Summary

The North Sea oil and gas sector is anticipated to experience growth over the coming years. This growth is expected despite the industry being severely impacted by the global COVID-19 outbreak, which led to a drop in crude oil prices due to decreased demand. The upstream sector was particularly affected, with several projects being delayed. However, factors such as increased demand for gas for power generation are expected to drive the market. Conversely, the region's goal to achieve net zero carbon emissions by transitioning from oil and gas to renewable energy may hinder market growth. Investments in the gas sector are increasing due to growing demand from the power sector and heating applications, which is likely to drive the market. Technological advancements in deepwater and ultra-deepwater exploration have made it an economically viable option, providing opportunities for market growth. Norway, with its increasing activities in North Sea oil and gas exploration and production, is anticipated to dominate the market. The development of new oil and gas fields in the North Sea to meet demand and offset production decline from maturing assets is likely to impact drilling activity and market growth.