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

The North Sea oil and gas market is projected to experience growth, driven by increasing demand for gas in power generation and heating applications. Despite challenges posed by the region's transition to renewable energy and the impact of the COVID-19 pandemic, which delayed several projects, the market's expansion is supported by technological advancements in deepwater exploration. Norway is anticipated to lead the market due to its active exploration and production activities in the North Sea.

Home Market Analysis Energy & Power Research Oil and Gas Research North Sea Oil and Gas Industry Market Size

Market Size of North Sea Oil and Gas Industry

North Sea Oil and Gas Market - Market Summary
Study Period 2020 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2020 - 2022
CAGR 2.00 %
Market Concentration Medium

Major Players

North Sea Oil and Gas Market Major Players

*Disclaimer: Major Players sorted in no particular order

North Sea Oil and Gas Market Analysis

The North Sea oil and gas market is expected to grow at a CAGR of more than 2% over the forecast period of 2022-2027. With the COVID-19 outbreak globally during the Q1 of 2020, the oil and gas industry was severely impacted on account of the drop in crude oil prices due to lower oil demand in several regions. The upstream sector had a negative impact due to the continued low demand for oil & gas. Several projects were delayed by the operators. For instance, in March 2020, as soon as the COVID-19 started to spread, the development work at the Johan Sverdrup phase 2 was stopped and the platform was down-manned. Factors such as increasing demand for gas for power generation is expected to drive the market during the forecast period. However, the region's aim to achieve net zero carbon emission target by shifting from oil and gas to renewable energy, is expected to hinder the market growth during the forecast period.

  • Increasing investments in the gas sector due to growing demand from power sector and heating applications is likely to drive the market during the studied period.
  • The technological advancements made in deepwater and ultra-deepwater exploration, thus making it a economically viable option is expected to provide opportunity for the growth of the market in the future.
  • Norway, due to its increasing number of activities in the North Sea oil and gas exploration and production is expected to dominate the market during the forecast period.

North Sea Oil and Gas Industry Segmentation

The North Sea oil and gas market report includes:

Geography
United Kingdom
Norway
Denmark
Rest of the Other Countries
Need A Different Region Or Segment?
Customize Now

North Sea Oil and Gas Market Size Summary

The North Sea oil and gas market is poised for growth, driven by increasing demand for gas in power generation and heating applications. Despite the challenges posed by the COVID-19 pandemic, which led to project delays and a temporary downturn in the upstream sector, the market is expected to expand over the forecast period. Technological advancements in deepwater exploration are anticipated to create new opportunities, while Norway's active exploration and production activities in the North Sea are likely to position it as a dominant player in the market. The region's transition towards renewable energy and net-zero carbon emissions targets, however, may pose challenges to market growth.

The European demand for gas is expected to remain stable, with a shift from nuclear and coal-fired power generation to gas-fired plants, further bolstering market prospects. The North Sea's strategic importance is underscored by significant investments in new oil and gas fields, aimed at offsetting production declines from maturing assets. Norway's extensive infrastructure and ongoing exploration activities, including new field developments and improved recovery projects, are set to enhance its market position. The market landscape is moderately fragmented, with key players like BP, Shell, Equinor, and others actively participating. Initiatives such as the UK's transition deal and Norway's licensing offerings are expected to support the industry's evolution towards cleaner energy solutions.

Explore More

North Sea Oil and Gas Market Size - Table of Contents

  1. 1. MARKET OVERVIEW

    1. 1.1 Introduction

    2. 1.2 North Sea Oil and Gas Production Forecast, till 2027

    3. 1.3 The North Sea Oil & Gas Expenditure Trends, till 2020

    4. 1.4 Brent Crude Oil Price Trend Analysis, till January 2022

    5. 1.5 Recent Trends and Developments

    6. 1.6 Government Policies and Regulations

    7. 1.7 Market Dynamics

      1. 1.7.1 Drivers

      2. 1.7.2 Restraints

    8. 1.8 Supply Chain Analysis

    9. 1.9 Porter's Five Forces Analysis

      1. 1.9.1 Bargaining Power of Suppliers

      2. 1.9.2 Bargaining Power of Consumers

      3. 1.9.3 Threat of New Entrants

      4. 1.9.4 Threat of Substitutes Products and Services

      5. 1.9.5 Intensity of Competitive Rivalry

  2. 2. MARKET SEGMENTATION

    1. 2.1 Geography

      1. 2.1.1 United Kingdom

      2. 2.1.2 Norway

      3. 2.1.3 Denmark

      4. 2.1.4 Rest of the Other Countries

North Sea Oil and Gas Market Size FAQs

The North Sea Oil and Gas Market is projected to register a CAGR of greater than 2% during the forecast period (2024-2029)

BP Plc, Shell Plc, Equinor ASA, Neptune Energy and INEOS Group are the major companies operating in the North Sea Oil and Gas Market.

North Sea Oil and Gas Market Report Snapshots

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