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Derek Henderson News

15 Jan 2015

Deloitte : Investment Crucial for UKCS

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.

26 Nov 2014

Strategy Can Maximize UKCS potential

Companies operating in the North Sea require a cultural shift to make the most of the its potential, according to a new report from Deloitte, the business advisory firm. The report, which gauges the oil and gas industry’s reaction to Sir Ian Wood’s Maximising Recovery Review, calls on the new regulator – the Oil and Gas Authority (OGA), the Government and companies operating in the North Sea to adapt to a new reality in the basin. Thought closer collaboration between companies would help drive efficiency and cut costs related to extraction, while tax incentives and possibly different ownership models could encourage the sharing of infrastructure.

10 Oct 2014

North Sea firms “Biding Time”

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).

30 Apr 2014

North Sea Drilling & Deals to Remain Lower: New Report

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.

18 Jan 2013

Drilling Activity Resurgance on UK Continental Shelf

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.

19 Mar 2012

UK O&G to Address Decommissioning Issues

The UK oil and gas industry will be looking for a firm step towards resolving the fiscal uncertainty surrounding North Sea decommissioning when Chancellor George Osborne delivers his 2012 Budget on March 21, according to business advisory firm Deloitte. Over the next decade, the UK Continental Shelf (UKCS) can expect to see a number of fields and installations cease production and commence decommissioning, potentially leading to the loss of critical infrastructure. Long term, over the next 30 years, almost 500 platforms, 8,000 wells, 4 million tons of steel and several hundred subsea wells, manifolds and pipelines will need to be decommissioned in the North Sea area*.