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

The North Sea oil and gas upstream market is anticipated to experience growth over the forecast period, driven by a significant reduction in offshore drilling costs. Despite the challenges posed by the increasing adoption of renewable energy sources, the market has rebounded to pre-pandemic levels and is poised for expansion. The substantial reserves in the region present long-term opportunities, while ongoing projects in the United Kingdom are expected to enhance its dominance in the market.

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Market Size of North Sea Oil and Gas Upstream Industry

North Sea Oil and Gas Upstream Market Summary
Study Period 2021 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2021 - 2022
CAGR 3.00 %
Market Concentration Low

Major Players

North Sea Oil and Gas Upstream Market Major Players

*Disclaimer: Major Players sorted in no particular order

North Sea Oil and Gas Upstream Market Analysis

The North Sea oil and gas upstream market is projected to register a CAGR of around 3 % during the forecast period.

The market was negatively impacted by the COVID-19 pandemic in 2020. Presently, the market has reached pre-pandemic levels.

  • A 40% reduction in the offshore drilling cost is expected to drive the growth of the North Sea oil and gas upstream market during the forecast period.
  • On the other hand, the increasing usage of renewable sources to meet energy needs will likely restrain the North Sea oil and gas upstream market.
  • A large amount of remaining oil and gas reserves in the region, which are expected to be exploited for several more decades, are expected to create ample opportunities for the North Sea oil and gas upstream market in the future.
  • The United Kingdom has several projects in the pipeline, which may help the country dominate the North Sea oil and gas upstream market during the forecast period.

North Sea Oil and Gas Upstream Industry Segmentation

The oil and gas industry is divided into three segments: upstream, midstream, and downstream. Upstream is a critical stage of the oil and gas industry operation, involving exploration and production.

The North Sea oil and gas upstream market is segmented by water depth and geography. By water depth, the market is segmented into shallow water and deepwater. By geography, the market is segmented into the United Kingdom, Norway, and Other Countries. The report also covers the market size and forecasts for the North Sea oil and gas upstream market. For each segment, the market sizing and forecasts have been done based on revenue (USD billion).

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North Sea Oil and Gas Upstream Market Size Summary

The North Sea oil and gas upstream market is experiencing a resurgence, having recovered to pre-pandemic levels after the setbacks caused by COVID-19. The market is poised for growth, driven by a significant reduction in offshore drilling costs, which is expected to enhance profitability and attract further investments. However, the increasing shift towards renewable energy sources poses a challenge, potentially restraining the market's expansion. Despite this, the region's substantial oil and gas reserves present lucrative opportunities for continued exploration and production. The United Kingdom, with numerous projects underway, is set to play a pivotal role in the market's development, leveraging its extensive offshore operations to maintain a dominant position.

The shallow water segment is particularly influential in the North Sea oil and gas upstream market, largely due to lower capital investment requirements and the high oil prices that make such ventures economically viable. The United Kingdom Continental Shelf (UKCS) is a key contributor, with a significant portion of the country's oil and gas production stemming from shallow water operations. The UK is on track to become a leading oil and gas producer in Europe, with a substantial number of projects in progress, particularly in the offshore North Sea. Notable projects like the Evelyn and Rosebank fields are expected to bolster production capabilities, with regulatory bodies encouraging swift project completions to ensure supply resilience. The market remains moderately fragmented, with major players such as Equinor ASA, ExxonMobil Corporation, Royal Dutch Shell PLC, BP PLC, and Total SA actively participating in the region's development.

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

  1. 1. MARKET OVERVIEW

    1. 1.1 Introduction

    2. 1.2 North Sea Oil and Gas Production Forecast, till 2025

      1. 1.2.1 Crude Oil Production Forecast, in Thousand Barrels Per Day

      2. 1.2.2 Natural Gas Production Forecast, in Million Ton Oil Equivalent

    3. 1.3 Recent Trends and Developments

    4. 1.4 Government Policies and Regulations

    5. 1.5 North Sea Active Rig Count, till 2020

    6. 1.6 Market Dynamics

      1. 1.6.1 Drivers

      2. 1.6.2 Restraints

    7. 1.7 Supply Chain Analysis

    8. 1.8 Porter's Five Forces Analysis

      1. 1.8.1 Bargaining Power of Suppliers

      2. 1.8.2 Bargaining Power of Consumers

      3. 1.8.3 Threat of New Entrants

      4. 1.8.4 Threat of Substitutes Products and Services

      5. 1.8.5 Intensity of Competitive Rivalry

North Sea Oil and Gas Upstream Market Size FAQs

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

Equinor ASA , Exxon Mobil Corporation, Royal Dutch Shell Plc, BP plc and Total SA are the major companies operating in the North Sea Oil and Gas Upstream Market.

Oil and Gas Upstream Market in North Se Report Snapshots

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