Approaching The End Of An Era

Dec 6th, 2024: Lower North Sea output accelerates fall in ton-mile demand Yesterday, Equinor and Shell, two major European oil companies with a rich history of exploration and production in the North Sea decided to combine their UK offshore oil and gas assets in a 50/50 Joint Venture (JV). The JV is not growth oriented. To the contrary, the JV will harvest value as the assets naturally decline. The objective is to improve the tax efficiency of the operations and pool their costs. It is the latest development in the rapidly maturing UK North Sea basin. While the situation in the Norwegian Continental Shelf is more positive in the short-term, with output expected to grow slightly in 2025, the long-term trajectory for Norway is also challenging. The IEA expects the total North Sea production will decline by 400,000 b/d by 2030. These changes in North Sea production and exports have obvious implications for the tanker market. Please fill in below form to continue read.