Offshore UK drilling on upward curve

http://www.offshore-mag.com, 22 Jan 2013 09:30

Drilling activity offshore the UK last year rose 33%, according to the latest survey by Deloitte’s petroleum services group. Sixty-five exploration and appraisal wells were drilled across the UK continental shelf, up from 49 the previous year. The upsurge, Deloitte says, is in large part due to high oil prices and various incentives phased in by the government to stimulate fresh activity. Last year also brought a surge in offshore asset wheeling and dealing, with 80 transactions completed in the UK sector, up 30% on the previous year’s total. About 43% were outright purchases of fields, compared with only 14% of the 2011 UK transactions. This is another indicator of rising investor confidence, according to Deloitte.

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