DUBLIN--(BUSINESS WIRE)--The "Norway Oil and Gas Upstream Market Outlook - Growth, Trends, and Forecast (2019 - 2024)" report has been added to ResearchAndMarkets.com's offering.
The upstream oil and gas spending in Norway is estimated to increase at a CAGR of 6.2% during 2017-2019. However, the trend is expected to be reversed during 2019-2024 (a decline in CAGR - around 2% during the same period).
Major factors driving the market are the increasing development of new oilfields and the lower breakeven prices. The divestment of Government funds from the upstream oil and gas sector can act as a restraining factor for the market growth.
- Upstream companies see drilling in the Lofoten islands as crucial for maintaining petroleum production level in the coming years. Around 1-3 billion barrel of crude oil is estimated to be present beneath the island. Moreover, around two-third of Norway's undiscovered resources, especially gas, is estimated to lie in the Barents Sea. As a result, exploration activities in the region are expected to shift toward the Barents Sea.
- The discovery of new small oilfields provides an opportunity for upstream oil & gas market in Norway
- In 2019, the investment in the Norwegian offshore oil and gas industry (excluding exploration) is expected to increase by 13%, to more than NOK 140 billion. A number of small projects received FIDs in 2017, as well as 2018, and are expected to come online in 2019 and 2020.
Key Market Trends
Increasing Development of New Oilfields
- The major oilfields in the country are reaching their maturity, and as a result, since 2016, the oil production of Norway has declined significantly. During 2016-2018, the oil production of the country had declined by about 8%, and is expected to further decline by another 4.7% during 2018-2019.
- However, in the recent years, the country made a number of major oil discoveries. In order to offset the decline in production from matured oilfields, the upstream oil and gas companies are investing heavily in developing these new oilfields.
- Hence, during the forecast period, the investments in new oilfields are expected to be the biggest and the most dominating driver for the Norway upstream oil and gas market.
- As a result of these investments, from 2020, the oil production of Norway is expected to reverse the trend and register significant growth. Some of the major fields that are expected to attract investments during the forecast period are the Johan Sverdrup oilfield, Martin Linge, Aasta Hansteen gas field and Johan Carstberg.
The Norway oil and gas upstream market is a consolidated market and the major companies include Equinor ASA, Aker BP ASA, Total S.A., ConocoPhillips, Royal Dutch Shell PLC, and Exxon Mobil Corporation.
Key Topics Covered:
1.1 Scope of Study
1.2 Market Definition
1.3 Study Assumptions
1.4 Study Deliverables
1.5 Research Phases
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET OVERVIEW
4.2 Number of Exploration Wells Spudded, Norwegian Continental Shelf, 2010-2018
4.3 Active Rig Count, Norway, Jan 2014-Apr 2019
4.4 Upstream Oil and Gas Spending in NOK billion, Norway, 2010-2024
4.5 Recent Trends and Developments
4.6 Government Policies and Regulations
4.7 Market Dynamics
4.8 Industry Supply-Chain Analysis
4.9 Porters 5 Force Analysis
5 COMPETITIVE LANDSCAPE
5.1 Mergers & Acquisitions, Joint Ventures, Collaborations, and Agreements
5.2 Company Profiles
5.2.1 Equinor ASA
5.2.2 Aker BP ASA
5.2.3 Total S.A.
5.2.5 Royal Dutch Shell PLC
5.2.6 Exxon Mobil Corporation
6 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/atbfyb