Compiled by Deloitte’s Petroleum Services Group (PSG), the report found that both drilling and deals on the UK Continental Shelf (UKCS) flattened during the first quarter of 2013 due to unfavourable weather conditions.
According to the report, only nine new wells were drilled during the period, against 11 drilling during the same quarter in 2012 and 19 in the last quarter of last year.
The report said that during the first quarter of 2013, a total of 23 exploration and appraisal wells were drilled in North West Europe, compared to 25 wells in the same period of 2012.
Farm-in agreements accounted for 36% of deals completed following the 27th Licencing Round, while the overall deal activity in first quarter dropped to 19 against 23 closed in the first quarter of 2012.
The report also revealed that the Department of Energy and Climate Change (DECC) approved two fields for development activity during the first quarter of 2013, while only three fields came on-stream.
During the same period in 2012, the DECC had approved four fields for development, while no fields were brought on-stream.
