THE NORTH Sea is set to become increasingly dominated by oil and gas majors, closing the curtains on a period of highly competitive drilling and trading.

Research body Welligence Energy Analytics has predicted that the likes of BP, Equinor and Shell will account for over 40 per cent of production by the end of the decade.

According to data shared with trade publication Energy Voice, it predicts the development of the largest untapped fossil fuel reserves such as Rosebank and Jackdaw, which are being developed by Equinor and Shell respectively, will change the dynamics of the offshore energy sector.

Welligence said: "Both M&A activity, combined with new field start-ups, are a proxy for the majors' fluctuating share of production."

Shell gave the green-light for the Jackdaw gas field in July, and has pledged £500m to deliver the project.

Meanwhile, Equinor is set to make a decision on Rosebank in 2023.

(c) 2022 City A.M., source Newspaper