Cautious optimism returns to North Sea – Deloitte
Reacting to the latest Oil and Gas UK Economic Report, to be published on Wednesday 6 September, Graham Hollis, Senior Partner for Deloitte in Aberdeen, said: “A cautious optimism has returned to the industry, as it weathers the storm of the past three years. “Nevertheless, challenges still remain for the North Sea and its recovery needs to be carefully fostered. The report shows there are a potential £40 billion worth of developments in companies’ business plans – it’s up to all of those involved in the industry to help these come to fruition, requiring a collaborative approach between government, the business community, the supply chain, and wider stakeholders. “The UKCS is vitally important to our economy and still supports more than 300,000 jobs.
Deloitte: Drilling Activity up 64% on UK Continental Shelf
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.
