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
Wintershall Noordzee western fields
Wintershall Noordzee, a 50:50 JV between Wintershall Dea and Gazprom, operates a portfolio of offshore fields in the North Sea. This ...
$3,720
Asset Report
Symra
The Symra field was discovered in 2018, northeast of Ivar Aasen, in the Northern North Sea. Production started in April 2026.
$3,720
Asset Report
Elgin Franklin Area
The Elgin and Franklin Area includes the ultra high pressure-high temperature (uHP/HT) Elgin, Franklin, West Franklin and Glenelg ...
$6,900
