UK upstream 2017 in review: big deals and new fields
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?