Oil exploration in North Sea ‘to bounce back’ in coming year

Posted: January 8, 2019 by oldbrew in Energy, News

North Sea oil platform [image credit: matchtech.com]

Demand for oil shows no signs of fading away any time soon, despite the negativity from climate obsessives.

Oil exploration in the North Sea is expected to begin a bounce back over the coming year, according to analysts Wood Mackenzie.

Drilling in the UK sector in 2018 was at its lowest level since the 1960s, says BBC News.

Forecasters believe the figure will increase over the coming year, with the Norwegian sector expected to experience the biggest growth.

It is predicted 60 wells will be drilled in waters of the UK, Norway, the Netherlands and Denmark.

Research analyst Kevin Swan said: “Norway will be at the heart of the uptick, with drilling expected to reach pre-downturn levels.

“We forecast over 40 exploration wells will be drilled, up from 26 in 2018.

“Exploration is back in the UK too. It languished in 2018, with just eight wells drilled, the lowest number since the 1960s.

“We expect the UK sector to see between 10 to 15 wells this year.”

Biggest contribution

Siccar Point’s Blackrock and Lyon wells, west of Shetland, are those analysts believe carry the biggest potential.

Equinor – formerly Statoil – is expected to drill around 20 wells in UK and Norwegian waters.

  1. dai davies says:

    Peak oil is a long way away. Now old wells thought to be exhausted are refilling, or regaining oil by seepage from surroundings. It’s in the industry’s interest to dribble supplies out and keep prices high. US shale has destabilised that, I guess.

  2. DB says:

    And in the Gulf of Mexico….

    BP just discovered a billion barrels of oil in the Gulf of Mexico
    The British energy company has discovered 1 billion barrels of oil at an existing oilfield in the Gulf of Mexico. BP also announced two new offshore oil discoveries and a major new investment in a nearby field….

    On Tuesday, the company said it will spend $1.3 billion to develop a third phase of its Atlantis field off the coast of New Orleans. Scheduled to start production in 2020, the eight new wells will add 38,000 bpd to BP’s production at Atlantis. The decision comes after BP found another 400 million barrels of oil at the field.

    BP made the massive 1 billion-barrel discovery at its Thunder Horse field off the tip of Louisiana.

  3. ivan says:

    Is that so odd? After all people need cheap reliable power maybe more so when they have to supply their own diesel generator when the sun isn’t shining and the wind isn’t blowing and there are no reliable power stations working ant more because they have been forced out of production by ‘renewable subsidies’ and green taxes.

  4. stpaulchuck says:

    The Euroweenies are desperate for ‘free money’.

    After dragging in a million welfare invaders the social system of free stuff is overloaded and taking the economies down. Their brilliant dream that the sand savages from North Africa and the sub Saharan blacks would become the new workers generating taxes has turned into a nightmare of bleeding cashflows.

    North Sea oil has propped up the Scandi’s for decades so why not do it again.