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Norway Oil and Gas EPC Market Size (2024 - 2029)

The Norway oil and gas EPC market is poised for growth, driven by increased investments in exploration and the expansion of cross-country pipeline infrastructure. Despite challenges such as the rise in alternative transportation methods and fluctuating oil and gas prices, the market has rebounded to pre-pandemic levels. The untapped resources in the Barents Sea present significant opportunities for natural gas infrastructure development, further contributing to the market's expansion.

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Market Size of Norway Oil and Gas EPC Industry

Norway Oil and Gas EPC Market Summary
Study Period 2021 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2021 - 2022
CAGR > 5.35 %

Major Players

Norway Oil and Gas EPC Market Major Players

*Disclaimer: Major Players sorted in no particular order

Norway Oil & Gas EPC Market Analysis

The global oil & gas EPC market is expected to grow at a CAGR of more than 5.35% during the forecast period.

COVID-19 negatively impacted the market in 2020. Currently, The market has reached pre-pandemic levels.

  • The increasing investment in the oil and gas exploration fields is major factor driving the market studied. The expansion of cross-countries pipeline infrastructure is expected to drive the studied market during the forecast period. The development of the new oilfield infrastructure is expected to drive the EPC market in the country.
  • However, the surge in the transportation of oil and gas via the alternate mode of transportation is likely to reduce the investments in the development of pipeline infrastructure and fluctuating oil and gas prices, which are anticipated to restrain the market for Norway's oil and gas EPC in the coming years.
  • Around two-thirds of Norway's undiscovered resources, especially gas, are estimated to lie in the Barents Sea. The development of these resources is expected to create ample opportunities in the natural gas infrastructure. This, in turn, is expected to create significant opportunities for the market.

Norway Oil & Gas EPC Industry Segmentation

Engineering, procurement, and construction activities for the upstream, midstream, and downstream oil and gas sectors are included in oil and gas engineering, procurement, and construction (EPC). Some of these operations are design, fabrication, building, installation, equipment production, pre-commissioning, and maintenance agreements.

The market is segmented by sector into upstream, midstream, and downstream. The market sizing and forecasts for each segment are based on the revenue (USD Billion).

Upstream
Market Overview
Market Size and Demand Forecast in USD billion, till 2027
Upstream Oil and Gas Spending in NOK billion, Norway, 2010-2027
Production Forecast of Oil and Gas in millions barrel per day, till 2027
Production Per Company in million Sm3 oil equivalents in 2021
Key EPC Projects Information
Midstream
Market Overview
Market Size and Demand Forecast in USD billion, till 2027
List of Key Oil and Gas Pipelines in the Norwegian Continental Shelf, till 2017
LNG Export in billion cubic meters, 2012-2021
Key EPC Projects Information
Downstream
Market Overview
Market Size and Demand Forecast in USD billion, till 2027
Oil Refinery Throughput Capacity in thousand barrels per day, till 2021
Key EPC Projects Information
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Norway Oil and Gas EPC Market Size Summary

The Norway oil and gas EPC market is poised for growth, driven by increased investments in exploration and production activities, particularly in offshore regions. The expansion of cross-country pipeline infrastructure and the development of new oilfield infrastructure are key factors propelling the market. Despite challenges such as fluctuating oil and gas prices and the shift towards alternative transportation modes, the market is expected to benefit from the untapped resources in the Barents Sea, which holds a significant portion of Norway's undiscovered gas resources. This presents substantial opportunities for the natural gas infrastructure sector, further bolstering the EPC market's prospects.

The market landscape is characterized by a fragmented structure with key players like Aker Solutions ASA, John Wood Group PLC, TechnipFMC PLC, Subsea 7 SA, and WorleyParsons Limited. Significant investments are being made to develop new oilfields, offsetting declines from mature fields. Notable projects include Equinor's Verdande development and Shell's gas subsea compression project, both aimed at enhancing output. The Johan Sverdrup oilfield remains a focal point for investment, with increased resource estimates attracting further capital. As exploration activities expand, particularly in the North Sea, Norwegian Sea, and Barents Sea, the market is set to experience robust growth during the forecast period.

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Norway Oil and Gas EPC Market Size - Table of Contents

  1. 1. MARKET OVERVIEW

    1. 1.1 Introduction

    2. 1.2 Market Size and Demand Forecast in USD billion, till 2027

    3. 1.3 Investment and Cost Forecast Scenario in Norway

      1. 1.3.1 Overview

      2. 1.3.2 Investment by Main Category in NOK billion, till 2027

      3. 1.3.3 Development in Average Well Investments Per Development Well in NOK million, till 2021

      4. 1.3.4 Overall Investment in Ongoing and New Field Development Projects in NOK billion, till 2027

      5. 1.3.5 Estimated Costs Forecast in NOK billion, till 2027

    4. 1.4 Recent Trends and Developments

    5. 1.5 Market Dynamics

      1. 1.5.1 Drivers

      2. 1.5.2 Restraints

    6. 1.6 Supply Chain Analysis

    7. 1.7 PESTLE Analysis

  2. 2. MARKET SEGMENTATION AND ANALYSIS (Qualitative Analysis)

    1. 2.1 Upstream

      1. 2.1.1 Market Overview

      2. 2.1.2 Market Size and Demand Forecast in USD billion, till 2027

      3. 2.1.3 Upstream Oil and Gas Spending in NOK billion, Norway, 2010-2027

      4. 2.1.4 Production Forecast of Oil and Gas in millions barrel per day, till 2027

      5. 2.1.5 Production Per Company in million Sm3 oil equivalents in 2021

      6. 2.1.6 Key EPC Projects Information

    2. 2.2 Midstream

      1. 2.2.1 Market Overview

      2. 2.2.2 Market Size and Demand Forecast in USD billion, till 2027

      3. 2.2.3 List of Key Oil and Gas Pipelines in the Norwegian Continental Shelf, till 2017

      4. 2.2.4 LNG Export in billion cubic meters, 2012-2021

      5. 2.2.5 Key EPC Projects Information

    3. 2.3 Downstream

      1. 2.3.1 Market Overview

      2. 2.3.2 Market Size and Demand Forecast in USD billion, till 2027

      3. 2.3.3 Oil Refinery Throughput Capacity in thousand barrels per day, till 2021

      4. 2.3.4 Key EPC Projects Information

Norway Oil and Gas EPC Market Size FAQs

The Norway Oil and Gas EPC Market is projected to register a CAGR of greater than 5.35% during the forecast period (2024-2029)

Aker Solutions ASA, John Wood Group PLC, TechnipFMC PLC, Subsea 7 S.A and WorleyParsons Limited are the major companies operating in the Norway Oil and Gas EPC Market.

Norway Oil & Gas EPC Market Report Snapshots

Norway Oil & Gas EPC Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)