GlobalData: $43bn set to be spent on new North Sea energy projects by 2025
Leading data and analytics company Global Data has released a report predicting that energy companies are set to spend a total of $43.1bn on new projects in the North Sea from 2018-25.
The report, entitled ‘H2 2018 Production and Capital Expenditure Outlook for Key Planned Upstream Projects in the North Sea’ predicts that a total of 67 crude and natural gas projects, operated by four different nations, are set to be up and running in the North Sea by 2025.
Around $18.9bn is to be spent bringing planned projects online while $24.2bn will be invested on key announced projects.
Jonathan Markham, Energy Analyst at GlobalData, commented: “In terms of the number of planned oil and gas projects, the UK leads with 11, followed by Norway and the Netherlands with eight and two, respectively. The UK also leads in terms of announced projects with 25, followed by Norway and the Netherlands with 18 and two, respectively.”
Norway is set to invest the largest amount, a total of $21.2bn during the seven-year period, while the UK will spend the second most with a planned capital expenditure of $20.2bn.
The companies cited as having the highest level of planned spending on such projects were Equinor ASA, Lundin Petroleum and Petoro AS.
Equinor is a Norwegian Energy company with $61.2bn with petroleum and wind operations across 36 countries. The firm announced earlier this year that it will provide renewable power, from solar and wind projects, to its gas platforms in the North Sea.
Lundin Petroleum is an independent oil and gas exploration company which, while based in Sweden, also has a Norwegian focus to its operations, employing over 550 people. Petoro AS, meanwhile, is owned by the Norwegian government and is involved in the exploration and production of petroleum and natural gas on the Norwegian continental shelf.
Global Offshore rebrands Enelift and invests in global hubs
Global Offshore has rebranded Enelift and will invest "a seven-figure sum" in establishing new support hubs in Houston, Dubai, Singapore, Perth and the Caspian during the next six months.
The investment will cover oil, gas and renewables, mainly concentrating on manufacturing capability with associated R&D, as well as in stock held in the hubs.
The company’s flagship Hinge Lok technology provides aluminium, non-welded light weight transportation cradle for casing and tubing. Enelift now plans to enhance its offering by augmenting its existing solutions with robotics and remote operational and training technology, which will reduce manpower for handling offshore equipment that is transported and stored using the Hinge Lok system.
Enelift is partnering with "a Japanese robotics company" and the technology will be trialed with "a Norwegian operator on a Norwegian drilling rig", according to a statement.
Operating from its bases in Aberdeen, UK and Esbjerg, Enelift was founded by 35-year industry veteran and Managing Director Paul Brebner 10 years ago to offer the offshore energy industries safe, reliable and efficient storage and transportation of equipment.
The expansion plans are bolstered by the appointment of Jim Clark of the Craigendarroch Group to Chairman, and Adam Maitland to Non-Executive Director. Maitland is the Managing Director of Hutcheon Mearns IF, and brings his wealth of expertise in the field of corporate finance.
Brebner said Enelift may be a new name in the market, but the experience it brings is "industry renowned".
"Our solutions are underpinned by safety that enables inefficiencies and their associated costs to be eradicated – meaning operational personnel can focus doing what they do best, safely. We remain committed to providing the safest storage and transportation solutions for equipment in the sector as we grow our global operations," he said.
Clark said the market is changing and its solutions fully support customers’ economic and safety aspirations.
"We are very well placed to take full advantage of increasing opportunities in the Middle East, Africa, Far East and Americas. Safety is our absolute commitment to our customers and our support hubs will facilitate this. Aligning our identity to our entire offering ensures that we will drive our expansion through new products and global support sites across the rest of this year."