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The Wood Review 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).

01 Sep 2014

A Boost for UK Offshore Drilling? DW Monday Muses

Drilling activity offshore UK is now expected to increase over the next few years as government and industry reacts to the recommendations in Sir Ian Wood’s report – the “Wood Review” – to maximise UK offshore oil & gas recovery advises Douglas Westwood's 'DW Monday' study. From a peak of 396 in 1996, numbers of wells drilled offshore UK fell to 164 in 2013, a low not seen since 1979. Development wells were down from 289 in 1998 to 120 in 2013. Exploration & appraisal drilling, on which offshore production ultimately depends, saw numbers fall from 224 in 1990 to 44 last year. Of these the key driver is of course exploration wells, down from 157 in 1990 to just 15 last year.

24 Aug 2014

LR Focus on 5 Issues Worrying Oil Executives in North Sea

On the 50th anniversary of the issuing of the first licenses for the extraction of oil and gas from the UK continental shelf (UKCS), Lloyd’s Register asked oil executives what their main concerns were in an increasingly challenging period in the sector’s turbulent history. The consensus was that the industry needs to learn to collaborate if it is to survive these challenges. Production from assets fell by 38 per cent between 2010 and 2013, equating to a drop of around 500 million barrels of oil equivalent (boe) and a drop in tax receipts of approximately £6 billion. In exploration, just 15 wells were drilled on the UKCS last year, compared to 44 in 2008, while operating expenditure rose to a record level of £8.9 billion, and is expected to increase further to about £9.6 billion this year.

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.

24 Feb 2014

Wood Review Aims to End Squabbles in UK's North Sea

By John Kemp. The opinions expressed here are those of the author, a columnist for Reuters. Britain's North Sea exploration and production business is set to be transformed, with cooperation replacing competition and proactive, intrusive regulation replacing a light touch. On Monday, ministers promised to back fully the recommendations contained in Ian Wood's review on maximising oil and gas recovery from the UK Continental Shelf (www.woodreview.co.uk). A powerful new regulator will be spun out of Britain's Department of Energy and Climate Change (DECC), staffed by industry experts with salaries to match, to end the squabbling among offshore operators and promote a strategy based on shared infrastructure and regional development plans.

13 Nov 2013

U.K. Offshore Oil and Gas Interim Report

Photo: Department of Energy & Climate Change

The U.K. Department of Energy and Climate Change (DECC) issued a news release stating that the interim report on the economic and energy security opportunities still available from the U.K.’s offshore oil and gas resources has been completed. Among other things, the report recommends a new arm’s length regulatory body to oversee and develop a program to maximize the economic recovery of oil and gas for the U.K. Sir Ian Wood has published his interim report revealing the economic and energy security opportunities still available from the U.K.’s offshore oil and gas resources.