Finance & Investing
News Services
Get free industry updates via email.
Daily News
Weekly News
Equipment Updates
Weekly Job Register
Monthly Event Guide
Our privacy


Deloitte Predicts Positive 2H for North Sea Drilling

change text size
Deloitte Predicts Positive 2H for North Sea Drilling

A report released Friday by business consultancy firm Deloitte predicts a positive second half to 2013 for drilling activity in the North Sea after steady performance during the first half of the year.

Compiled by Deloitte's Petroleum Services Group, the report found that although the number of new wells drilled on the UK Continental Shelf (UKCS) has fallen slightly in comparison to the same period last year, the level of exploratory activity remains healthy.

A total of 16 exploration and appraisal wells were drilled in the UK during the second quarter of 2013, which was seven more than during 1Q 2013 but two fewer than during the same period last year. Despite the slight fall on 2012's figures, 2Q 2013 has still produced two more new wells than the quarterly average since the end of 2011 – a year which saw the lowest activity since 2003.

Across northwest Europe as a whole, 35 new exploration and appraisal wells were drilled, which was 10 more than in 1Q 2013 but only matching the second quarter of 2012.

Deloitte PSG Managing Director Graham Sadler commented in a statement:

"These figures indicate the UKCS remains a strong and productive sector, which bodes well for the final two quarters of the year. I fully expect to see further positive figures in quarters three and four as the region recovers from a prolonged and harsh winter, which was followed by an unusually late spring.

"One of the notable features of the second quarter report is the significant increase in farm-in style agreements, where one company takes a stake in another company’s field - often to assist with drilling or development costs. Farm-ins accounted for around 70 percent of the total northwest Europe deal landscape during the second quarter. A total of 30 deals were completed in the region, slightly down on the 35 that were completed during the same period last year.


View Full Article

A former engineer, Jon is an award-winning editor who has covered the technology, engineering and energy sectors since the mid-1990s. Email Jon at


Post a Comment Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Related Companies

More from this Author
Jon Mainwaring
European Editor | Rigzone
 -  Drilling Activity to Rebound in 2016 a... (Mar 26)
 -  Hess, Petroceltic Pull Out of Kurdista... (Mar 25)
 -  Wells Cathedral School Pupils Win BP's... (Mar 24)
 -  Osborne Reveals Raft of Measures to Bo... (Mar 18)
 -  Aker Sets Out Strategic Goals (Mar 17)
Most Popular Articles
From the Career Center
Jobs that may interest you
PSL Finance & Accounting Manager
Expertise: Accounting or Finance|Asset Management
Location: Houston, TX
Engineering Documentation Coordinator
Expertise: Drilling Engineering
Location: Houston, 
Subsea Engineer
Expertise: Subsea Engineer
Location: Labor Pool
search for more jobs