UK is set to lead oil and gas projects in Europe by 2026
New build projects dominate the upcoming projects landscape in Europe, constituting 71% of the total projects across the value chain.
A GlobalData report, ‘Europe Oil and Gas Projects Outlook to 2026 – Development Stage, Capacity, Capex and Contractor Details of All New Build and Expansion Projects’, indicates that Europe is expected to witness 433 projects to commence operations during the period 2022–2026. Of these, midstream projects would be the highest, with 196 projects.
In midstream, the trunk/transmission pipelines segment alone constitutes 47% of all midstream projects, followed by UGS and oil storage with 28% and 12% respectively. Refinery and petrochemical projects constitute about 21% of all upcoming oil and gas projects in Europe from 2022 to 2026.
New build projects dominate the upcoming projects landscape in Europe, constituting around 71% of the total projects across the value chain. The share of new build projects is especially high in the midstream sector, at more than 90%. On the other hand, the downstream (refineries) sector has only expansion projects.
In Europe, roughly 38% of the projects are in construction and commissioning stages and are more likely to commence operations during the outlook period. Approximately 39% of the projects are in the planning stages and the rest have been approved or awaiting approval.
The UK dominates the upcoming projects landscape in Europe, accounting for 24% of the total projects expected to start operations during the 2022 to 2026 period.