Market Size of North Sea Oil and Gas Industry
| 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
*Disclaimer: Major Players sorted in no particular order |
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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.
