Oil & Gas UK comments on Deloitte reportNews // October 25, 2012
Commenting on Deloitte's third quarter 2012 report on the UK oil and gas sector, Mike Tholen, Oil & Gas UK’s economics director, said: “Signs of a recovery in new field approvals and asset transfers reflect that investor confidence is returning to the province following eighteen months of constructive engagement with the Treasury and the announcement of several measures aimed at boosting activity.
"However, we would caution against Deloitte’s optimism based on exploration for new resources being higher than last year because 2011 exhibited the lowest exploration for many decades and a return to pre-recession activity in this area is a long way off.
"While the measure announced by the Government in the summer to improve the economics of small fields should help, it is only one of the factors influencing exploration.
"Oil & Gas UK is considering with DECC, through a joint exploration task group, the levers that could be pulled to boost new drilling.”