Norway Oil and Gas Market Enhancement, Latest Trends, Growth and Opportunity during 2020 to 2025; Equinor ASA (NYSE:EQNR), Total S.A. ADR(NYSE:TOT)

By: X herald

The Norway Oil and Gas Market as of late Published Market look into study with in excess of 100 industry enlightening work area and Figures spread through Pages and straightforward itemized TOC on “Norway Oil and Gas Market”.
The report gives data and the propelling business arrangement data in the segment to the trade. The report gives a thought related with the progression of this market advancement of key players of this industry. An assessment of this Norway Oil and Gas market depends upon points, which are of composed into advertise investigation, is fused into the reports.

The Norway Oil and Gas Market is projected to register a CAGR of 7.5% during the forecast period 2020 to 2025.

Factors, such as huge investment and government policies, are likely to drive the oil and gas market in Norway, during the forecast period. Oil companies increased their spending for the first time in 2018, since 2014. This is expected to propel the Norwegian oil and gas market.

– The oil and gas upstream sector is expected to dominate the Norwegian oil and gas market, owing to discoveries in the North Sea.
– The increasing demand for LNG in the country leads to the integration of smart technologies in the existing LNG infrastructure, which may create an ample amount of opportunities for the market in the coming years.

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Key Market Trends

Upstream Sector to Dominate the Market
– The upstream oil and gas investment in Norway has witnessed significant changes since 2014. Though oil production increased during 2014-2016, the operating cost declined during the same period.
– However, the oil production of Norway has declined significantly. During 2016-2018, the oil production of the country declined by about 8%, and it is expected to further decline by another 4.7% by the end of 2020. However, the production is expected to witness a boom from 2021, as major fields begin production.
– In order to offset the decline in production from mature oilfields, the upstream oil and gas companies are investing heavily in developing new oilfields. Moreover, the drop in breakeven prices has turned many oil and gas projects in the country profitable, which were first considered economically unviable due to low oil prices.
– Moreover, in 2019, the investment in the Norwegian offshore oil and gas industry (excluding exploration) increased by 13%, to more than NOK 140 billion. A number of small projects received FIDs in 2017, 2018, and 2019, and they are expected to come online in 2020 and 2021.

Lower Breakeven Prices are Expected to Drive the Market
– The oil and gas industry, especially the upstream sector, is dependent on the price of crude oil. Prior to 2014, one of the major problems faced by the Norwegian petroleum industry was the high breakeven prices.
– Some of the major companies, such as Statoil, now Equinor, registered a negative cash flow for some of its fields in 2013, despite the high oil price of USD 112 per barrel. After the steep oil price drop, which started in late-2014, almost every oilfield in the country became unprofitable.
– However, during 2014-2017, many oilfields registered a drop in breakeven oil prices. As of 2018, Equinor’s breakeven oil price for its entire upstream portfolio was about USD 27 per barrel. The drop in breakeven prices was mainly achieved by project re-engineering, efficiency gains, better expense management, and drop in oilfield services cost, due to lack in demand for services.

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Competitive Landscape
The Norwegian oil and gas market is moderately fragmented due to many companies operating in the industry. The key players in this market include Equinor ASA (NYSE:EQNR), Aker BP ASA, Total S.A. ADR(NYSE:TOT), Royal Dutch Shell PLC, and Exxon Mobil Corp.(NYSE:XOM).

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