Insight
North Sea upstream electrification tracker: Q4 2024
*Please note that this report only includes an Excel data file if this is indicated in "What's included" below
Report summary
The latest update of our North Sea upstream electrification tracker reiterates Norway's leading position, but recent project delivery and challenges for getting new projects off the ground threaten the pace of deployment. Power sent to offshore facilities is expected to reach 1 GW by 2025 and potentially up to 2 GW by 2030, leaving certain regions exposed to power capacity constraints and rising power prices. But the benefit of offshore electrification is clear; reduced emissions taxes outweigh Norwegian grid power costs and provide a shelter for the expected rise in carbon prices. Outside of Norway, the opportunity for oil and gas electrification in the UK remains vast. Almost 1 GW of power demand would be required should proposed electrification projects materialise, with a strong emphasis on offshore wind as the power solution of choice. But progress is slow, as the economic viability remains doubtful due to basin maturity, regulatory/fiscal instability and rising costs.
Table of contents
- No table of contents specified
Tables and charts
No table or charts specified
What's included
This report contains:
Other reports you may be interested in
Asset Report
Gorm-Fredericia Oil Pipeline
The Gorm-Fredericia Oil Pipeline is the main trunkline to shore in the Danish sector of the North Sea. It serves all of the producing ...
$2,580
Asset Report
St Fergus (SAGE)
The St Fergus (SAGE) Terminal accepts gas from the Scottish Area Gas Evacuation System (SAGE), the Britannia System and, before it ...
$2,580
Asset Report
Brage
Brage is an oil and associated gas field located close to the Oseberg area in the Northern North Sea.
$5,280
