Total E&P UK swung to a £525.4million pre-tax profit last year with higher oil prices and an end to impairments in the west of Shetland.
Energy giant Total has said it sees “new potential for investments” in the North Sea off the back of exploration successes in the UK.
Total has started drilling an appraisal well at its Glendronach discovery in the West of Shetland.
Total will remain one of the major players in the UK North Sea despite the proposed sale of a package of assets to Petrogas in a £509m deal.
Only two out of seven Stena Drilling rigs had work on their plates at the start of last year.
New North Sea discoveries have acted as a “beacon” for the rest of the industry, according to the Oil and Gas Authority’s (OGA) head of exploration.
SSE has announced it is “taking active steps” to sell off its North Sea gas production business as it focusses on renewable energy sources.
Energy giant Total has said it is just weeks away from starting up production at one of the UK’s largest offshore gas fields.
The boss of North Sea oil producer EnQuest said yesterday he believed the region could yield further discoveries to extend its lifespan.
World-class discoveries made in the UK North Sea in recent months have “turned heads” of investors, according to the chief executive of Chrysaor.
Total will lead the way with exploration drilling this year, according to analysis from Westwood Global.
The west of Shetland region may have challenging deep waters, 40m waves and fierce gales but with increasing activity levels and access to infrastructure in place, current and future fields are being brought within easier reach.
Major gas projects coming online in the UK and Norway will not be enough to offset a continued drop in Europe’s supply, according to Wood Mackenzie.
Just over a fifth of oil produced over the last decade in the UK has been replaced through exploration, a new report said.
Total’s UK boss believes the west of Shetland basin has a big future as the oil giant limbers up for more drilling.
Oil major Total revealed yesterday that it had made one of the biggest gas discoveries in the North Sea in a decade.
Glendronach has to be one of the North Sea’s dream discoveries.
French oil major Total said today that its Glendronach prospect could produce one trillion cubic feet (tcf) of gas.
The UK oil sector's regulator said Total's latest gas discovery west of Shetland is "great news" for Britain's energy security.
Total E&P UK said today that drilling had started on the Glendronach exploration well, west of Shetland.