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REGIONAL REPORT Northwest Europe

New Money, Finds & Field Starts

By William Stoichevski orway’s government will earn around NOK 265 stakes: Wintershall Dea and Capricorn (at Nova); Neptune billion ($30 billion) taxing and taking up stakes in (at Duva, Norway and Seagull, UK); PGNiG (King Lear and its oil and gas ? elds in 2019, and Norwegian pro- Tommeliten Alpha). Older newcomers Lundin, OMV and

Nduction is on the rise. In contrast, Britain in 2019 Idemitsu are, meanwhile, leading forays into high-reward de- will earn about GBP 1.1 billion ($1.34 billion), says the UK velopment, with new-builds and tie-ins to older infrastructure.

Of? ce of Budget Responsibility. The nature of new offshore As in the UK’s latest licensing round, Norway’s most recent investment, however, augurs well for higher project counts acreage awards saw a record 83 production licenses offered and earnings across the North Sea. 33 companies. Awards in (mature) areas offered operators 90

The Norwegian continental shelf (NCS) and the UK con- blocks — ? ve in the North Sea, 37 in the Norwegian Sea and tinental shelf (UKCS) are being buoyed by higher commod- 48 in the Barents Sea — with an August 2019 deadline. ity prices. Both have stable tax regimes. Both are seeing new Oslo sees investments offshore Norway “rising over the projects, and for both asset swaps are back, as the majors ra- next years”. Only a spell of dry wells this year and lingering tionalize ? eld stakes. low day rates for rigs and offshore vessels are dampening the

Now, too, both private and Norwegian capital are on the move mood. As of this writing, the well count in 2019 has reached forming asset-buying alliances across the North Sea. Newly 25 (53 in 2018).

made heavyweight pairings are shoring up project counts. Projects given the royal nod so far this year only add to 20

While Equinor is still fueling Norway’s recovery, a host of okayed and in the works by the end of 2018. Of 80-odd ? elds new players and newly enlarged independents are taking up in production by the end of 2018, 64 were in the North Sea, 17

Added value:

Norway-based

Pandion Energy is in on the Duva project.

Source: Pandion Energy 18 OFFSHORE ENGINEER OEDIGITAL.COM 18-31 OE JulyAug 2019.indd 18 8/9/2019 8:31:25 AM