81 new crude and natural gas projects will start operations in Europe between 2018 and 2025. By 2025, the projects close to 4.7 billion ft3 per day to global gas production, according to GlobalData, a leading data and analytics company.
The majority of new developments, or 45 projects, fall under an early-stage category, while 36 new projects have progressed to well-defined development plans. Differentiating for the primary resource type, conventional oil and gas projects account for 38 new projects each. The region will see five heavy oil projects among its upcoming developments.
The UK will lead with a total of 37 projects, followed by Norway with 28 and Italy with six. Norway will drive natural gas production, contributing 1.6 billion ft3 per day to the region’s gas production by 2025.
Statoil ASA will see 579 million ft3 per day brought in by new projects by 2025, followed by Po Valley Energy Ltd and OMV AG with 324 million ft3 per day and 323 million ft3 per day respectively.
Offshore developments will be responsible for over 84% of Europe’s new gas production in 2025, deepwater fields will bring 1.86 million ft3 per day, shallow water and ultra-deepwater will contribute 1668 and 452 million ft3 per day respectively. New onshore gas projects will add 764 million ft3 per day to the region’s gas production by 2025.
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