UKCS Oil and Gas mergers top $8bn this year

Merger and acquisition activity on the UK Continental Shelf (UKCS) has passed the $8 billion (£6bn) mark this year as confidence returns to the sector. That’s the suggestion from Oil & Gas UK, which says the recent increase in market activity in the basin is likely to help attract new investment in the next few […]

More than 200 North Sea rigs to close by 2025

More than 200 oil and gas platforms and close to 2,500 wells across the North Sea are scheduled to be decommissioned by 2025. That’s according to new information published by Oil & Gas UK and Decom North Sea. The groups say this will take place on 349 fields across the region, including six on the […]

New UK oil exploration maps released

New government-funded oil and gas exploration data has been made available for viewing. The Oil and Gas Authority (OGA) released the results of the £20 million seismic programme to promote exploration activity in underexplored areas of the UK Continental Shelf (UKCS). The information published contains nearly 19,000km of new mapping, new gravity and magnetic surveys, […]

UK’s petroleum ‘could last 20 more years’

The UK’s remaining petroleum reserves could last for at least 20 more years. That’s according to a new report from the Oil and Gas Authority (OGA), which suggests they could last even longer if additional undeveloped resources, ranging between 10 to 20 billion barrels of oil equivalent (boe), can be matured. To date, a total […]

Statoil makes ‘significant’ oil find on the UKCS

A partnership led by Statoil has made a new oil discovery on the UK Continental Shelf (UKCS). The energy giant made the find in the Verbier sidetrack well in the outer Moray Firth, with a minimum of 25 million recoverable barrels of oil and an estimated maximum stretching up to 130 million barrels. The partnership, […]

UK offers £5m for North Sea oil and gas exploration

UK Chancellor Philip Hammond has announced a £5 million fund to support new oil and gas exploration in the North Sea. The funding will be used by the Oil and Gas Authority (OGA) to survey underexplored areas of the UK Continental Shelf (UKCS). The government believes its work with industry on new subsea technologies could […]

CMA accepts remedy proposals for Wood Group-Amec Foster merger

The competition watchdog has accepted proposals to resolve concerns about Wood Group’s purchase of Amec Foster Wheeler. The news comes after the Competition and Markets Authority (CMA) last month warned the proposed £2.2 billion takeover of the oil services firm by its larger rival raises concerns in the supply of engineering and construction services and […]

Large UKCS fields ‘could extract extra 900 million barrels of oil’

Hundreds of millions more barrels of oil could be extracted from the UK Continental Shelf (UKCS) from a selected number of large oil fields. That’s according to the Oil & Gas Authority (OGA), which suggests this can be done by increasing the recovery factor (RF), i.e. the overall proportion of oil expected to be extracted […]

New oil, gas guidelines to boost production efficiency

New industry guidelines designed to boost production efficiency on the UK Continental Shelf (UKCS) have been published. They aim to address gas compression losses, which accounted for more than 40 million barrels of oil equivalent (boe) in unplanned production losses in 2015. Between 2004 and 2012, the UKCS also faced “significant challenges” of a sustained […]

Oil and Gas Authority offers 12 new licences

The Oil and Gas Authority has awarded 12 licences to 11 companies in its latest round of offerings. The 2016 Supplementary Offshore Oil and Gas Licensing Round was offered in response to industry requests to explore and drill in areas outside of those available in previous rounds. Locations varied across the UK Continental Shelf (UKCS), from […]