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UK upstream 2017 in review: big deals and new fields

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12 January 2018

UK upstream 2017 in review: big deals and new fields

Report summary

It was a year of ups and downs for the UK sector. The ups: the return of billion dollar deals and the start-up of 12 new fields that will add 220kboe/d at peak production. The downs: another big drop in investment levels, and only two small projects sanctioned. After three years of instability though, the sector is now going through somewhat of a renaissance. Further shifts in 2017 mean that the UK now has a drastically different ownership, and regulator, compared to pre-downturn. We look at the main themes from 2017, including: M&A – what changed hands and why? Production – which new fields came onstream? Exploration – where did volumes come from? Investment – what projects are topping the spend list? Decommissioning – who were the biggest spenders this year?

Table of contents

    • Big deals back on the table
    • Production up 6%, but impact of Forties Pipeline shutdown still playing out
    • Majors returned to exploration, but commercial success remains elusive
    • A tale of two discoveries
    • High impact drilling and cheaper wells
    • Licensing rounds – frontier attracts big hitters
    • Development spend drops over 30%from 2016
    • Costs continued to fall, and projects still being optimised
    • Well P&A remains the biggest market in decommissioning: £700 million in 2017
    • Top 10 Insight reports by visits in 2017
    • Appendix

Tables and charts

This report includes 13 images and tables including:

  • UK Upstream 2017 in numbers
  • UK M&A value traded and deal count 2008 - 2017
  • UK production 2010 - 2017
  • Reserves and peak production from new fields
  • Field start-ups in 2017
  • E&A wells and discovered resource 2008 - 2017
  • E&A drilling efficiency
  • Development spend 2013 - 2017
  • Top 10 projects for development spend in 2017
  • Operating costs 2010 - 2017
  • Split of 2017 decommissioning spend
  • Top 10 companies for decommissioning spend in 2017
  • 2017 Deals with UK as primary country

What's included

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