Traditional oil and gas majors like BP, Shell and Equinor are expected to account for an increasing proportion of UK North Sea oil and gas production in the coming years, according to Welligence Energy Analytics.
While the early days of North Sea oil were dominated by familiar names like Shell, ExxonMobil, and BP, as fields have aged, the big names have often sold their stakes in North Sea operations to smaller independents in order to raise cash for other projects. With some major new developments in the pipeline, though, this situation may change by the end of the decade. Shell, for example, has already made a final investment decision for the Jackdaw project, which could provide as much as 6% of the UK’s total gas production.
Welligence said that the start-up of new fields and activity in mergers and acquisitions served as a proxy for:
“…the majors’ fluctuating share of production. The development of large projects, such as Rosebank and Jackdaw, which require deep pockets and where the majors have material or operated positions, means their share of production is set, once again, to rise to over 40% by the end of the decade.”
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