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21 Pages

Review of 2012 - UK upstream sector

Review of 2012 - UK upstream sector

Report summary

Optimism generated by high levels of capital investment and M&A activity in the UK has been dampened by poor exploration and production performance in 2012.

What's included?

This report includes 2 file(s)

  • Review of 2012 - UK upstream sector PDF - 990.64 KB 21 Pages, 6 Tables, 12 Figures
  • Review of 2012 UK upstream sector.xls XLS - 284.50 KB


This Upstream Oil and Gas Insight report highlights the key issues surrounding this topic, and draws out the key implications for those involved.

This report helps participants, suppliers and advisors understand trends, risks and issues within the upstream oil and gas industry. It gives you an expert point of view to support informed decision making.

Wood Mackenzie's 500 dedicated analysts are located in the markets they cover. They produce forward-looking analysis at both country and asset level across the globe, backed by our robust proprietary database of trusted research.

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  • Development Activity
    • Capital Expenditure remains healthy
    • Fields onstream in 2012
      • Subsea tie-backs dominate new fields
      • New fields outlook for 2013
    • Development approvals in 2012
  • Production
    • Production outlook
  • Fiscal Change
    • Contractual Certainty for Tax Relief on Abandonment Spend
    • Enhancement to Existing Small Field Allowance
    • New West of Shetlands Value Allowance
    • New Value Allowance for Shallow Water Gas Fields
    • New Brown Field Allowance
  • Exploration and Appraisal
    • Disappointing year for exploration
    • Drilling and Discoveries by Region
      • Central North Sea (CNS)
      • Northern North Sea (NNS)
      • West of Shetlands
      • Southern Gas Basin (SGB)
      • East Irish Sea (EIS)
    • Success and Discovery rates hit new lows
    • Corporate picture
      • North Americans ramp up activity
    • E&A Outlook
  • Licensing
  • Corporate Activity
    • Key Deals
      • Portfolio rationalisation
    • 2013 Deal Activity Outlook

In this report there are 18 tables or charts, including:

  • Development Activity
    • Capital Expenditure 1996 - 2014*
    • Top 10 projects, percentage of total capital investment (2012 and 2011)
    • UKCS recoverable reserves of fields onstream by year
    • Fields onstream in 2012
    • New field approvals in 2012
  • Production
    • UK liquids production
    • UK gas production
  • Fiscal Change
  • Exploration and Appraisal
    • Annual E&A activity 1980-2012*
    • 2012 exploration and appraisal wells completed by sector
    • Annual success and discovery rates
    • Review of 2012 - UK upstream sector: Table 4
    • Operated exploration and appraisal wells by company type
    • Exploration and appraisal drilling by operator in 2012
  • Licensing
    • Review of 2012 - UK upstream sector: Image 9
  • Corporate Activity
    • Value traded in UK focused deals
    • Review of 2012 - UK upstream sector: Table 6
    • Number of deals by buyer type, 2001 - 2012
    • Number of deals by seller type, 2001 - 2012
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