Deloitte : Investment Crucial for UKCS
by government and industry of the recommendations made in Sir Ian Wood’s “UKCS Maximising Recovery Review”, subsequent changes have included adjustments to the North Sea’s tax regime and the establishment of a new industry regulator, the Oil and Gas Authority (OGA). Graham Sadler, managing director of Deloitte’s Petroleum Services Group, said: “Over the last 12 months, both industry and government have recognised the need for change on the UKCS. We have started to see some positive steps taken in that direction, with the recommendations made in the Wood Review
UK North Sea Activity Report
incentives in place. However, a total of only 47 exploration and appraisal wells were drilled on the U.K. Continental Shelf (UKCS) in 2013, compared with 65 in 2012 – a decrease of 28%. During the same period, the Norwegian Continental Shelf (NCS) saw a 41% increase in drilling activity. Graham Sadler, managing director of Deloitte’s PSG, said that more needed to be done to encourage drilling on the UKCS, including incentives for exploration activity. “The North Sea industry is complex, and companies operating in there have to consider many factors. Despite the high oil price,
New Report: North Sea Oil Gushes, Less Interest in UK Continental Shelf
in place. However, a total of only 47 exploration and appraisal wells were drilled on the UK Continental Shelf (UKCS) in 2013, compared with 65 in 2012 a decrease of 28%. During the same period, the Norwegian Continental Shelf (NCS) saw a 41% increase in drilling activity. Graham Sadler, managing director of Deloittes PSG, said that more needed to be done to encourage drilling on the UKCS, including incentives for exploration activity. Sadler said: "The North Sea industry is complex and companies operating in there have to consider many factors. Despite the high oil
North Sea Q3 2013 Drilling Eased But Outlook Positive
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. Graham Sadler, managing director of Deloitte’s PSG, said a number of factors may have affected the UK drilling figures over the summer months. He said: “While the summer is often a peak period for drilling, the UKCS is a complex region, with a natural ebb and flow of activity across the
Optimistic Forecast for North Sea Drilling
produced two more new wells than the quarterly average since the end of 2011 – a year which saw the lowest activity since 2003. Across North West Europe as a whole, 35 new exploration and appraisal wells were drilled – 10 more than in Q1 but only matching the second quarter of 2012. Graham Sadler, managing director of Deloitte’s PSG, said the latest figures are in line with what would be expected from a mature region such as the UKCS. He said: “These figures indicate the UKCS remains a strong and productive sector, which bodes well for the final two quarters of the year
February 2024
