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Offshore Exploration & New Field Development – UK Investment increases, while OGA is a believer in Southern North Sea

In the UK, continued efforts to cut costs have seen confidence in the offshore industry begin to return.  With attention squarely focused on the West of Shetlands and the Northern and Central North Sea regions, the Oil and Gas Authority are attempting to stimulate development of the frequently neglected Southern North Sea tight gas plays through the release of a new strategy to encourage collaboration between operators, the supply chain and the authorities, and thereby increase investment in the region. Drilling activity is showing signs of recovery on the UKCS this year. Of those drilling schedules that are visible, the Northern North Sea area is due to see the most wells over the next three years. In total, $25.2 billion has been sanctioned for projects due to come on-stream by 2020, +5.4% vs the previous four years. Over a third of new investment will be spent in the West of Shetlands. Download Abstract & Contents...

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