Projects with a total investment value of $178 billion are currently being proposed for development or are under development in the UK and Norwegian North Sea with significant investments in FPSOs and the subsea sector.

These are some of the key findings of an industry report prepared by the EIC, the leading trade association for UK companies that supply goods and services to the energy industries worldwide, and presented at Offshore Europe today.

The report ‘An Overview of the UK and Norwegian Oil & Gas Sectors’ provides an overview of specific areas and current offshore projects of interest in the North Sea to the energy supply chain and also marks the launch of EIC Consult, the EIC’s new market research and consultancy service. Data for the report was sourced from the EIC’s database, EIC DataStream, which tracks over 8,700 active and future projects in the energy industry worldwide.

The report shows that the UK and Norway currently have 168 and 117 offshore projects respectively being proposed for development or currently under development with an investment value of $106 billion for Norway and $72.75 billion for the UK (see figure 1).

These numbers fare well against other offshore regions with the Caspian Sea in Kazakhstan leading the way with $130 billion in investment (see figure 2). Key established projects cited in the report include the Mariner and Bressay heavy oil fields off the east of Shetland and the Schiehallion and Loyal fields on the UK Continental Shelf (UKCS).

Tags: The EIC