UK North Sea Activity Report

By Marine Technology Reporter
Friday, March 07, 2014

2013 sees 44% rise in North Sea fields starting production but 28% drop in exploration and appraisal drilling

The number of fields which began producing oil and gas in the U.K. hit its highest level for five years in 2013, as a number of operators focused on development activity. This is according to the latest report into offshore activity from Deloitte, the business advisory firm. The report, detailing activity across North West Europe over the last 12 months and compiled by Deloitte’s Petroleum Services Group (PSG), found the number of U.K. fields which started production rose by 44% in 2013 (up from nine in 2012 to 13 in 2013). This figure represents the highest number since 2008, when 16 fields were brought on-stream.

Of the 13 fields brought on-stream last year, 84% were eligible for tax allowances, pointing to a positive industry reaction to the government incentives in place. However, a total of only 47 exploration and appraisal wells were drilled on the U.K. Continental Shelf (UKCS) in 2013, compared with 65 in 2012 – a decrease of 28%. During the same period, the Norwegian Continental Shelf (NCS) saw a 41% increase in drilling activity.

Graham Sadler, managing director of Deloitte’s PSG, said that more needed to be done to encourage drilling on the UKCS, including incentives for exploration activity. “The North Sea industry is complex, and companies operating in there have to consider many factors. Despite the high oil price, margins are tight and the drop in drilling during 2013 most likely reflects the increased costs of operating. Staff costs remain high and access to equipment such as rigs, which are limited in number, drives prices upwards."

Sadler continued, “Nevertheless, we are seeing evidence that government incentives are helping to stimulate field developments - even historic discoveries - with Chevron’s recent announcement that it will start work on the Alder field, which was discovered in the 1970s.

(As published in the March 2014 edition of Marine Technology Reporter - www.seadiscovery.com)

Maritime Reporter November 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

News

Damen Responds to Evolving Fishing Practices

Maaskant Shipyards Stellendam meets fishing sector’s growing needs by performing electric pulse fishing conversions   As European fishing policies evolve, so fishing techniques advance.

Maaskant Shipyards Earns ISO 9001:2008 Certificate

Maaskant Shipyards (Stellendam), part of Damen Shipyards Group, has received certification from Bureau Veritas for aligning its quality and management systems with

Duffy Named President of Carnival Cruise Line

Christine Duffy has been named president of Carnival Cruise Line, Carnival Corporation & plc. announced today.   Duffy, currently president and CEO of Cruise Lines International Association (CLIA),

Offshore Energy

FPSO Trio Receives Side Shell Protection

SPS Overlay has yet again been used for side impact protection on three FPSOs for a major player in the offshore industry. The work was carried out at Enseada do Paraguaçu S.

Vard Wins Farstad's OSCV Contract

Vard Holdings Limited (“VARD”) has secured a contract for the design and construction of one Offshore Subsea Construction Vessel (“OSCV”) for Farstad Shipping (“Farstad”).

US Jury Rules in Favor of Apache Corp.

Apache Corp was not in breach of contract in a lawsuit brought by Houston-based oil and gas producer W&T Offshore Inc in 2011, a federal jury found on Monday, according to a court filing.

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Navigation Pipelines Pod Propulsion Port Authority Salvage Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.2530 sec (4 req/sec)