• 3 minutes Natural gas is crushing wind and solar power
  • 6 minutes OPEC and Russia could discuss emergency cuts
  • 8 minutes Is Pete Buttigieg emerging as the most likely challenger to Trump?
  • 11 minutes Question: Why are oil futures so low through 2020?
  • 13 minutes Don't sneeze. Coronavirus is a threat to oil markets and global economies
  • 4 hours Oil and gas producers fire back at Democratic presidential candidates.
  • 1 hour "Criticism of migration will become a criminal offense.  And media outlets that give room to criticism of migration, can be shut down." - EU Official to the Media.
  • 4 hours Saudi Aramco launches largest shale gas development outside U.S.
  • 9 hours So the west is winning, is it? Only if you’re a delusional Trump toady, Mr Pompeo, by Simon Tisdall
  • 15 hours Peak Shale Will Send Oil Prices Sky High
  • 11 hours CDC covid19 coverup?
  • 8 hours Charts of COVID-19 Fatality Rate by Age and Sex
  • 13 hours What Is Holding Back Geothermal Heating and Cooling?
  • 1 day Fight with American ignorance, Part 1: US is a Republic, it is not a Democracy
  • 3 hours Huawei ≠ iPhones? UAE Used Cyber Super-Weapon To Spy On iPhones Of Foes
Dave Forest

Dave Forest

Dave is Managing Geologist of the Pierce Points Daily E-Letter.

More Info

Premium Content

There Might Be More Oil Under The North Sea Than Previously Thought

Energy experts RBN Energy highlighted an interesting trend this week. Showing that oil production from the U.S. offshore is actually growing — even as onshore shale oil production has begun to fall with lower prices. Here’s the chart:

Source: RBN Energy

And some new insider data this week shows that offshore may indeed be a rising trend across the oil and gas business.

That comes from consultants Hannon Westwood. Who reported some interesting figures for the past year from one of the world’s go-to oil and gas locales: Europe’s North Sea. Related: Crashing Oil Prices And Dropping Rig Count Take Their Toll On U.S. Output

On the negative side, Hannon Westwood notes that drilling in the U.K. North Sea hit an all-time low in 2015. With just 13 exploration wells spudded in the offshore here during the year.

But what happened in reserves additions was completely unexpected.

Despite the low level of drilling activity, the wells that did get completed in the U.K. offshore were incredibly productive. With commercial success rates for these drills being the highest for over a decade.

That success led oil and gas production from the U.K. North Sea to its first yearly rise in 15 years — with output rising over 7 percent during 2015.

These impressive numbers are underscored by a comparison to the U.K.’s neighbor in the North Sea: Norway. Where a higher number of wells were completed last year, but reserves additions were exactly the same as in the U.K. Related: Statoil CEO: Expect Volatility Now, Price Spike Soon

Hannon Westwood’s analysis shows that U.K. drillers added 16.5 million barrels of oil equivalent per well, while Norway wells averaged just 6 million boe.

That’s an interesting stat — given that drillers have recently been favoring Norway over the U.K. Perhaps leading to an under-explored nature here, which gives enhanced potential for larger discoveries.

This suggests there may be more potential than many observers are expecting in this part of the world. Watch for M&A in the North Sea aimed at taking advantage of this trend, and for results from exploration wells drilled here during the coming year.

Here’s to less being more

By Dave Forest

More Top Reads From Oilprice.com:




Download The Free Oilprice App Today

Back to homepage




Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News