The UK is expected to drive the upcoming projects across oil and gas value chain in Europe, accounting for about 25% of the total projects which are likely to start operations by 2025. Amongst these, new build projects lead with 62% while the remaining are expansion projects mainly in the upstream sector (fields), according to GlobalData, a leading data and analytics company.
GlobalData’s report, ‘Europe Oil and Gas Projects Outlook to 2025 – Development Stage, Capacity, Capex and Contractor Details of All New Build and Expansion Projects’, reveals that 111 projects are expected to commence operations in the UK during the period 2021-2025. Out of these, 83 will be upstream projects, 23 will be midstream with refinery and petrochemical at three and two, respectively.
Soorya Tejomoortula, Oil & Gas Analyst at GlobalData, comments: “The shallow waters of the North Sea will continue to drive the growth of upstream production projects in the UK. The upcoming projects’ list has a good mix of both oil and gas developments and will help the country to continue to meet its oil and gas needs and reduce reliance on imports.”
Among the upcoming production projects in the UK, Rose Bank is a key project with a total production capacity of 121,000 barrels of oil equivalent per day. Proposed in deep waters of West of Shetland, the project will further enhance the UK energy security with supply of both oil and gas.
The UK is expected to drive the upcoming projects across oil and gas value chain in Europe, accounting for about 25% of the total projects which are likely to start operations by 2025. Amongst these, new build projects lead with 62% while the remaining are expansion projects mainly in the upstream sector (fields), according to GlobalData, a leading data and analytics company.
GlobalData’s report, ‘Europe Oil and Gas Projects Outlook to 2025 – Development Stage, Capacity, Capex and Contractor Details of All New Build and Expansion Projects’, reveals that 111 projects are expected to commence operations in the UK during the period 2021-2025. Out of these, 83 will be upstream projects, 23 will be midstream with refinery and petrochemical at three and two, respectively.
Soorya Tejomoortula, Oil & Gas Analyst at GlobalData, comments: “The shallow waters of the North Sea will continue to drive the growth of upstream production projects in the UK. The upcoming projects’ list has a good mix of both oil and gas developments and will help the country to continue to meet its oil and gas needs and reduce reliance on imports.”
Among the upcoming production projects in the UK, Rose Bank is a key project with a total production capacity of 121,000 barrels of oil equivalent per day. Proposed in deep waters of West of Shetland, the project will further enhance the UK energy security with supply of both oil and gas.
