Europe's 'Hidden Gems'

East Greenland, Offshore Spain and the Mediterranean

When it comes to the future exploration potential for Europe, Flowers believes there are a few "hidden gems" in the region.

"If you take a very broad view of the region there is a lot to sustain the industry's interest in the coming decades, whether it's the E&Ps [exploration and production companies] or the service industry," he said.

From the point of view of unconventional resources, Russia has an enormous play in the shape of the Bazhenov shale oil formation, which has an estimated 25 billion barrels, Flowers noted.

"But there's plenty in Europe proper: the Paris basin; some in the UK, Netherlands and Poland. There will no doubt be many more," he said.

From a conventionals standpoint, Flowers highlighted that the west Barents Sea in Norway and west of Shetland are just two basins that account for the 17 billion barrels yet to be found in Europe. But he also noted several other parts of Europe.

"East Greenland, for example ... There's been drilling in west Greenland, but in east Greenland the source rock is thought to be the same as mid-Norway. Iceland may be quite similar," Flowers said.

Cairn Energy plc is an independent that has taken a chance on Greenland, although after a disappointing drilling campaign there, it has since diversified its exploration focus to offshore Ireland and Morocco.

As far as Morocco is concerned, although it is not strictly a part of Europe, Flowers believes that any success from several wells due to be drilled there during the next two years could open up interest in the Atlantic Margin further north in Spanish and Portuguese waters.