Insights

North West Europe End of Year Review 2014

Deloitte’s North West Europe End of Year Review 2014 reports on exploration and appraisal drilling, licensing and deal activity across the region in 2014

Our latest report has found that the level of offshore drilling across North West Europe (NWE) during 2014 was consistent with 2013, however following a year of change on the United Kingdom Continental Shelf (UKCS) the UK experienced a fall in drilling. A total of 40 exploration and appraisal wells were drilled offshore UK in 2014, compared to 50 in 2013.

Meanwhile fewer deals also took place across NWE during 2014, falling by 45% in comparison to 2013. This trend was also replicated on the UKCS where there were 23 deals completed in 2014, compared to 63 in 2013.

However licensing activity remained buoyant across the region last year, including in the UK where licenses have been offered following the successful 28th offshore Licensing Round, with 12 new companies entering the UKCS for the first time.

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