Insight
Exploration in the North Sea: a recent renaissance
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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.
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