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BMI View: Oil & gas production in Europe will remain strong throughout the next five years, driven by
Russia and a strong pipeline of projects in the UK and Norway. In the longer term, the Johan Sverdrup
project in Norway and Russia's Yamal and East Siberia gas programmes will be pivotal to growth. The
refining sector will come under increasing pressure as rising oil prices erode margins.
Key oil & gas developments in Europe include:
- Brexit will have a marginal near-term impact on the European oil and gas sector. Over the longer term
uncertainty around a second Scottish independence referendum will drive caution investment decisions.
- The post-Brexit depreciation of the pound will make LNG imports more expensive, in one of the most
important European markets.
- A weaker pound will also lower operating costs for UK focused producers.
- Russian and Norwegian oil production continues to outperform, reaching 10.87mn b/d and 2.0mn b/d in