Outlook for UK Offshore Oil & Gas Industry Positive

Offshore drilling activity on the UK Continental Shelf (UKCS) rose 64% during Q2 2012 compared to the same period last year

World Oil informs that industry figures in a Deloitte report 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 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, the Deloitte report says.

The number of field start-ups occurring in the first half of 2012 also shows positive signs for the industry. So far in 2012, across the North Sea, eight new fields have come onstream. This is higher than the total number of field start-ups seen during 2011 and more than double those seen in 2009 and 2010.