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20 Pages

UK Upstream - 2014 in review and what to look for in 2015


UK Upstream - 2014 in review and what to look for in 2015

Report summary

2014 was a challenging year for the UKCS despite booming investment and the stabilising of production. More scrutiny on capital allocation, along with poor exploration results reinforced concerns over the future health of the UKCS.  Although 2014 events had the potential to make it a game-changing year, the impact has yet to be felt. Further spending cuts and a prolonged lower oil price means industry must now work with Treasury and the new OGA to translate improvement strategies into reality.

What's included?

This report includes 3 file(s)

  • UK Upstream - 2014 in review and what to look for in 2015 PDF - 395.88 KB 20 Pages, 6 Tables, 14 Figures
  • UK Upstream Sector - Review of 2014.xls XLS - 484.50 KB
  • Slidepack - review of 2014 and outlook for 2015.pdf PDF - 1.19 MB

Description

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.

Proprietary data means a superior level of analysis that is simply not available anywhere else. Wood Mackenzie is the recognised gold standard in upstream commercial data and analysis.

  • Executive Summary
  • Development Activity
    • Capital investment remained high
    • Investment set to fall rapidly
    • Recent fiscal change marks a turning point
  • Fields brought onstream in 2014
    • Increase in field start-ups expected in 2015
  • Development approvals in 2014
  • Production
    • Production outlook
  • Exploration and Appraisal
    • Exploration continued to disappoint
    • Drilling and Discoveries by Region
      • Central North Sea (CNS)
      • Northern North Sea (NNS)
      • West of Shetland
      • Southern Gas Basin (SGB)
      • East Irish Sea (EIS)
      • Onshore unconventional
    • Despite fewer wells, success and discovery rates plateau in 2014
  • Corporate picture
    • Exploration and appraisal drilling by operator in 2014
  • E&A outlook
  • Licensing
    • 28th Offshore Licensing Round
    • 14th Onshore Licensing Round
  • Fiscal and Regulatory Change
    • Key changes
      • Ultra HP/HT allowance
      • SCT reduction
      • RFES increase
      • Fiscal review outcome
    • Will fiscal reform materialise?
    • The Wood Review
    • Can regulatory change help?
  • Corporate Activity
  • Key Deals – Private equity backed and unconventionals drive deal making
  • Corporate landscape - smaller players still most active in the UK
  • Distress from low oil price to drive M&A activity in 2015?

In this report there are 20 tables or charts, including:

  • Executive Summary
  • Development Activity
    • Capital Expenditure 1998 – 2016*
    • Top 10 projects, percentage of total capital investment (2013 and 2014)
    • Unsanctioned capex at risk from US$60/bbl oil price
  • Fields brought onstream in 2014
    • Fields brought onstream in 2014
    • Fields brought onstream in 2014
  • Development approvals in 2014
    • New field approvals in 2014
  • Production
    • UK liquids forecast to 2020
    • UK gas forecast to 2020
  • Exploration and Appraisal
    • Annual E&A drilling: 1980-2014
    • 2014 E&A wells completed by sector
    • Annual success and discovery rates
    • 2014 new discoveries
  • Corporate picture
    • Operated exploration and appraisal wells by company type
    • UK Upstream - 2014 in review and what to look for in 2015: Table 5
  • E&A outlook
  • Licensing
    • Licenses awarded since 2004
    • Number of firm wells
  • Fiscal and Regulatory Change
  • Corporate Activity
    • Value traded in UK focused deals
    • UK focused deals traded in 2014
  • Key Deals – Private equity backed and unconventionals drive deal making
  • Corporate landscape - smaller players still most active in the UK
    • Number of deals by buyer type, 2005 - 2014
    • Number of deals by seller type, 2005 - 2014
  • Distress from low oil price to drive M&A activity in 2015?
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