North Sea output heads south
Slowing offshore activity in the UK and Norway is prompting support
LOW commodity prices have put a dent in upstream investment in Norway’s and the UK’s offshore, threatening medium-to-long-term production in both countries. The slump in drilling activity on the UK Continental Shelf (UKCS) in 2015 gives significant cause for concern. Last year, exploration and appraisal drilling fell to its lowest level for 45 years, with just 13 exploration and 13 appraisal wells drilled, according to the Oil and Gas Authority (OGA), the regulator. In 2008, firms drilled more than four times as many wells. The impression of a basin in rapid decline dovetails with the production statistics: since 1999, UKCS oil production has fallen from 2.6m barrels a day to about 0.9m b
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