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

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06 January 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.

Table of contents

  • Executive Summary
    • Capital investment remained high
    • Investment set to fall rapidly
    • Recent fiscal change marks a turning point
    • Increase in field start-ups expected in 2015
  • Development approvals in 2014
    • Production outlook
    • 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
    • Exploration and appraisal drilling by operator in 2014
  • E&A outlook
    • 28th Offshore Licensing Round
    • 14th Onshore Licensing Round
    • 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?

Tables and charts

This report includes 20 images and tables including:

  • Fields brought onstream in 2014
  • Fields brought onstream in 2014
  • New field approvals in 2014
  • Operated exploration and appraisal wells by company type
  • Value traded in UK focused deals
  • UK focused deals traded in 2014
  • Number of deals by buyer type, 2005 - 2014
  • Number of deals by seller type, 2005 - 2014
  • 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
  • UK liquids forecast to 2020
  • UK gas forecast to 2020
  • Annual E&A drilling: 1980-2014
  • Annual success and discovery rates
  • 2014 new discoveries
  • UK Upstream - 2014 in review and what to look for in 2015: Table 5
  • Licenses awarded since 2004
  • Number of firm wells
  • 2014 E&A wells completed by sector

What's included

This report contains:

  • Document

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

    PDF 395.88 KB