The U.S. oil boom changed the petroleum industry forever. Now its philosophy is being adopted by conventional producers in the North Sea.
Following a period of relatively low deal activity, in 2018 we started to see an uptick in deals – but that has paused slightly since the oil price fall at the end of 2018. Are there more deals to be done, or has oil price volatility cooled off the M&A market? What do the trends and themes seen in some of the latest UKCS M&A deals tell us?
In the era of Trump and Brexit it’s a risky business trying to second guess what the future might hold, especially when it comes to the UK ‘s often volatile oil and gas sector. There are, however, some developments we can look back on from the last 12 months in trying to assess what might lie in store over the course of 2019.
New North Sea projects targeting almost 50 million barrels of oil equivalent (boe) have been approved by the Oil and Gas Authority (OGA).
Shell’s decision to go after gas from the Arran field gave the UK North Sea its 11th project sanction of 2018.
North Sea oil firm Zennor Petroleum will buy a stake in the Britannia field, which will serve as the export route for its Finlaggan asset.
Rig contractor Transocean said today that the delivery of two new drillships will be delayed after the firm asked for modifications.
Environmental service specialist TWMA has been awarded new contracts with a combined value of £500,000 for skip and ship and onshore processing services.
Zennor Petroleum today confirmed it had completed the purchase of First Oil’s subsidiary First Oil Expro and Antrim Resources.
Zennor Petroleum is on the hunt for more UK North Sea bargains after snapping up assets that were owned by north-east businessman Ian Suttie and his First Oil group.
An unusually cash rich oil and gas company is pressing ahead with North Sea exploration in the face of low oil prices and a decade of drilling decline.