Graham Sadler News

The North Sea needs continued investment from businesses and government through its current period of transition, according to a new report from Deloitte, the business advisory firm. Deloitte’s Petroleum Services Group’s latest North West Europe Review, which details drilling, licensing, and deal activity across the region for the whole of 2014, follows a year of change on the United Kingdom Continental Shelf (UKCS), along with volatility in commodity prices over the last five months. The report found that 40 wells were drilled offshore UK throughout the year. This is down on the 50 wells reported in 2013 but largely consistent with expectations given recent trends and market conditions.

Oil and gas operators may be sitting on new investment decisions until the future of the North Sea becomes clearer, according to the latest report from business advisory firm Deloitte. The report, which details drilling, licensing and deal activity across North West Europe over the third quarter of 2014 and was ompiled by Deloitte’s Petroleum Services Group (PSG), found that four deals were announced offshore UK. This is slightly down in the five transactions reported in Q2 2014 and substantially lower than the 14 registered during Q3 2013. Derek Henderson, senior partner in Deloitte’s Aberdeen office, said the drop in deals may be down to North Sea operators continuing to wait for further clarity about the future of the UK Continental Shelf (UKCS).

Drilling and deal activity on the UK Continental Shelf (UKCS) will remain at ‘a steady low’ for at least the next year, suggests a new report from business advisory firm Deloitte. Poor weather and high costs have already had an impact on the amount of exploration and appraisal (E&A) work conducted by operators in the region during the first quarter. The report, which details activity across North West Europe over the first three months of 2014 and was compiled by Deloitte’s Petroleum Services Group (PSG), found a total of 12 E&A wells were drilled on the UK Continental Shelf (UKCS). Although that represents an increase of five wells compared with Q4 2013, it is a decrease of one well on the same period last year.

North Sea drilling activity eased during the third quarter of 2013 following an encouraging second quarter, according to the latest report into offshore activity from Deloitte, the business advisory firm.The report, compiled by Deloitte’s petroleum services group (PSG), found that although the number of new wells drilled on the UK Continental Shelf (UKCS) fell by around one third in comparison to Q2, the outlook for the North Sea remained positive. A total of 11 exploration and appraisal wells were drilled in the UK during the third quarter of 2013 – five fewer than during Q2 and six fewer than the same period last year. Despite the fall in figures for the UKCS, the Norwegian Continental Shelf (NCS) has produced eight more wells during Q3 2013 than the same period last year.

North Sea drilling activity remains steady, with a positive forecast for the next two quarters, according to a new report into offshore activity from Deloitte, the business advisory firm. The report, compiled by Deloitte’s Petroleum Services Group (PSG) found that although the number of new wells drilled on the UK Continental Shelf (UKCS) has fallen slightly in comparison to the same period last year, the level of exploratory activity remains healthy. A total of 16 exploration…

Increased UK drilling and deal activity leads the way back to health in North West Europe says new report. A broader range of tax allowances and a sustained high oil price boosted drilling activity on the UK Continental Shelf (UKCS) by one third in 2012, according to a new report by Deloitte, the business advisory firm. The report, compiled by Deloitte’s petroleum services group (PSG), which documents drilling and licensing activity across North West Europe for the whole of last year, shows 65 exploration and appraisal wells were drilled on the UKCS in 2012, marking a 33% increase on last year’s total of 49. This compares to lower drilling activity levels reported in Norway in 2012, down by 19% when compared to the previous year.

Offshore drilling activity on the UK Continental Shelf (UKCS) rose 64% during the second quarter of 2012 compared to the same period last year, according to the latest industry figures released by Deloitte. The report, which documents drilling and licensing across North West Europe between April 1 and June 30, shows 18 exploration and appraisal wells were drilled on the UKCS during the period. This also represents a 64% increase on the first quarter of 2012. With deal activity – where oil and gas fields are bought and/or sold - in the UK also rising 47% this quarter, compared to Q2 last year, and an increase in field development approvals and start-ups, the outlook for the UK oil and gas industry is positive.