Drilling Decreased In UK But Increased In Norway In 2013: Petroleum Services Group at Deloitte

 @MeaganKaym.clark@ibtimes.com
on January 30 2014 9:23 AM

Petroleum drilling across Northwest Europe slipped to a total of 121 exploration and appraisal wells in 2013 compared to 2012, according to an annual report released this month by the London-based Petroleum Services Group at Deloitte.

Drilling in the United Kingdom fell by 28 percent in 2013 year on year, dropping to 47 wells from 65 wells, while drilling increased by 40 percent in Norway, though not enough to offset the decline in British drilling, the oil and gas review found.

Additionally, the report highlighted that the U.K. and Norwegian governments approved 48 percent fewer fields for development in 2013. Fourteen fields were approved for development in 2013, with 10 located in U.K. waters.

Approvals for incremental projects increased. The U.K. government approved 18 more incremental projects on the U.K.’s Continental Shelf than it did in 2012, for a total of 26 approved projects in 2013. Licensing activity remained buoyant.

Deal activity decreased by about 8 percent, with 120 deals announced in 2013 compared to 130 in 2012. Sixty-three deals, 53 percent of the total, occurred in the U.K. in 2013.

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