Oil & Gas

Overview

The petroleum sector is experiencing a transformation driven by climate regulations and carbon reduction targets, with major operators like Equinor and Aker BP leading large-scale electrification projects. Power-from-shore initiatives are replacing traditional gas turbines on offshore platforms, representing billions in investment and significant grid infrastructure development.

Grid Considerations

Projects require extensive submarine cable infrastructure (100-190 km) and new transmission stations, with connections primarily to 132 kV grid. High voltage DC connections are used for longest distances to minimize losses.

Regulatory Environment

Electrification projects receive strong regulatory support as part of Norway's climate policy. Some projects qualify for concession-free status when following approved templates, streamlining approval processes.

Outlook

Continued growth expected as remaining offshore facilities electrify to meet 2030 climate targets, though pace may slow after current major projects complete. Grid capacity and subsea cable supply chains are key constraints.

Market Trends

Key Players