Investment Expected to Rise in Norway, U.K. Oil & Gas Industry, an Industrial Info Market Brief

After a challenging year for oil and gas throughout 2020, with record low oil prices and the COVID-19 pandemic, the industry is set to see a significant rise in investment during 2021. The rise is largely due to the deferral of work from 2020 to 2021 on Production and Pipeline projects such as Tolmount, a gas field development in the U.K. southern North Sea; Finlaggan, which is planned to come onstream and other new discoveries expected to be sanctioned this year.

Click here for the list of projects.

Production in the U.K. is expected to decline mostly on the Forties pipeline system due to planned maintenance, which was deferred from 2020 to 2021 due to the COVID-19 pandemic.

Click here to view the Forties pipeline system project.

In Norway, production is expected to rise in 2021 from several fields planned to come online this summer, such as the Wintershall Nova Oil and Gas Field and the Neptune Energy Duva Field. More field sanctions are planned during 2021 for the Norwegian North Sea, which could increase production in 2021 by approximately 300 million barrels of oil equivalent (mmboe).

Click here to view the production projects.