Continental & Mediterranean Europe Upstream 2016 in review: Reasons to be cheerful Report

Insight 10 January 2017

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Report summary

At first glance, 2016 looked like a disappointing year for the upstream sector in Continental & Mediterranean Europe. The numbers show exploration and appraisal drilling down by half, while production seemed to have entered a terminal decline. However, a closer look shows that there have been plenty of positive stories for the region. Majors have entered frontier regions for the first time following successful licensing rounds, while a successful exploration well opened up a new deepwater play. The number of M&A deals tripled, with the largest deal seeing Chinese investment in one of Europe's largest onshore oil fields.

Licensing awards and commitments down, but frontier areas attract Major interest
Low exploration and appraisal drilling, but an exciting new play is discovered in the Black Sea
- Exploration and appraisal drilling in 2016
Development spend down, but investment in major incremental projects continues
Drop in liquids production is temporary, while gas remains steady
Volumes traded down but exciting potential of onshore Albania attracts M&A spend

Tables and charts

This report includes 7 images and tables including:

2016 licensing awards
2016 licence round block awards
Development capital expenditure in 2016 by country

Liquid production by country
Gas production by country
Deal count, resources traded and considerations paid (2010-2016)
Continental & Mediterranean Europe Upstream 2016 in review: Reasons to be cheerful: Image 3