Wood Mac: Steady Licensing Activity Expected in Europe in 2015
"In 2014 the region's upstream sector was impacted by a number of high profile events. The Ukraine crisis and cancellation of the South Stream pipeline revived fears over the security of Russian gas transit to Europe. The year was also challenging for unconventional gas in Europe, with the sector marred by company exits and poor drilling results.
"The biggest story of 2014 by far, was the collapse of Brent oil price from over $100 a barrel in August to under $60 in December. Looking ahead to 2015, upstream activity will undoubtedly be influenced by oil prices, and we expect a direct impact on exploration and development budgets – with discretionary spend most at risk. However, with several licensing rounds and high-profile exploration wells expected, it is likely to be another exciting year for the region."
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