UK North Sea with 4 bln usd investments for next three years
2007.11.07 -
Industry
Over 220 wells are in the pipeline, targetting resources of around 9.6 bln barrels of oil equivalent, according to the report.
Around 50-60 wells are expected to be drilled each year, and based on Hannon Westwood's calculations, the UKCS still has a resource potential of over 24 bln boe.
Even with 19 drilling units currently active on the UKCS, we are expecting a significant spillover to 2008 of the remaining 2007 planned wells,' Andrew Vinall, Hannon Westwood's technical director, says. He added the North Sea is likely to remain an 'extremely active' oil and gas region over the next several years.
A new study published today by analysts Douglas-Westwood The World Deepwater Market Report 2008-2012 forecasts that nearly $25 billion will be spent annually in deepwater capital expenditure by 2012. Speaking at the Deep Offshore Technology International Conference 2007, Stavanger, today, John Westwood, Douglas-Westwood MD commented that “the deepwater oil & gas industry is set for continued growth through to 2012, with over 30% growth forecast for the 2008-2012 period when compared with the previous five years.
The Arctic will become increasingly important, not least because of oil and gas, believes Norwegian foreign minister Johan Gahr Støre. But Norway will not be planting a flag at the North Pole.
BP is today announcing proposed plans for important changes to its North Sea organisation, headquartered in Aberdeen, designed to secure a long-term future for the company's oil and gas business in the UK.
GE Energy announced today it has completed the acquisition of Sondex plc to further expand its capability and expertise in oil & gas drilling and wireline technology.
ODIM ASA has reached agreement today on acquiring ABAS Crane of Aukra and Aker Brattvaag Winch in Søvik for a total of NOK 80 million. These two companies deliver such products as special cranes, lifting systems and specialised electrical winches for ships and offshore installations
