Drilling activity on UK Continental Shelf up 64 per centNews // July 18, 2012
Offshore drilling activity on the UK Continental Shelf (UKCS) rose 64 per cent 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 per cent 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 per cent this quarter, compared to the second quarter last year, and an increase in field development approvals and start-ups, the outlook for the UK oil and gas industry is positive.
“We traditionally experience a rise in activity during the summer months, however this year’s spur of activity reflects a higher year-on-year increase.” said Graham Sadler, managing director of Deloitte’s Petroleum Services Group.