Insight
Exploration in the North Sea: a recent renaissance
*Please note that this report only includes an Excel data file if this is indicated in "What's included" below
Report summary
Following the 2015 oil price crash, North Sea exploration budgets were slashed and activity suffered. But year-on-year improvements in performance since 2017 has brought explorers new confidence. Powered by our Lens platform, we analyse North Sea exploration activity and performance between 2015 and 2020. Drilling: activity was down 35% relative to 2010-2014, but the slow-down was less severe than the 50% drop globally. Resources: volume per well improved significantly since 2017, driven by large UK discoveries. Commerciality: success rates were significantly above global averages - over 30 discoveries are likely to be commercialised. Corporate: despite corporate consolidation and shrinking budgets, nearly 100 companies drilled wells. Discovery costs: E&A spend fell by over 50%, helping drive an 80% fall in finding costs.
Table of contents
- No table of contents specified
Tables and charts
No table or charts specified
What's included
This report contains:
Other reports you may be interested in
Asset Report
Auk Area
The Auk Area is located in the Central North Sea and consists of the Auk and Auk North fields. Auk is one of the oldest producing ...
$3,720
Asset Report
Chestnut
Chestnut is a geologically complex oil field located ten kilometres south of the Britannia field in the Central North Sea. Despite ...
$3,720
Asset Report
Brent
The giant Brent oil and gas field in the far north of the UKCS was discovered in 1971 and confirmed the North Sea as a world class oil ...
$3,720
