Over the period 2021-2025, 441 Oil & Gas projects are expected to be commissioned in Europe.
The United Kingdom should be the driving force of this industry, accounting for approximately 25% of the total number of projects.
Over the coming years, the United Kingdom will become one of the European leaders in the oil & gas industry. 111 projects are expected to be completed in the country by 2025. Of these, 83 will be “upstream” projects, i.e. related to extraction and production, while 23 will be “midstream” projects related to transformation, transport or storage.
The majority of the upstream projects are offshore programs. Thus, the North Sea will be the site of many new drilling operations in the coming years. Ranked only 41st in the world in terms of proven natural gas reserves, significant gas fields have nevertheless recently been discovered in the British North Sea. In 2019, the largest gas field of the decade was discovered, giving new hope for the UK offshore oil & gas industry. The equivalent of 250 million oil barrels are stored in the Glengorm gas field, equivalent to 5% of the UK’s annual gas demand.
The UK Oil & Gas industry is therefore still active, and major projects have recently been completed, while others are under development.
Gas projects in the UK:
Among the upcoming gas production projects in the UK, Rosebank is a key project with a total production capacity of 121,000 barrels of oil equivalent per day. This field, located more than 120 km from the Scottish Shetland Islands, has significant oil and gas resources discovered in 2004. Estimates here suggest reserves of up to 240 million barrels of oil and gas. In 2022, a peak in natural gas production is expected to be observed within the operation, with a production of approximately 3.8 million standard cubic meters per day. In order to transport the gas extracted at sea directly to the British mainland, a pipeline project is being planned. This would transport gas over 230 km to Scotland.
Recently, another major project came on stream in the United Kingdom, considered to be the largest British gas project of the past 25 years. The Culzean project, also in the North Sea off the Scottish coast, has gas reserves of around 550 million barrels of oil equivalent. Operation of this gas field began in 2019.
Although oil and gas production in the North Sea has been declining since the 1990s, significant reserves are still present in the region and are attracting new drilling projects!
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