Oil exploration in North Sea ‘to bounce back’ in coming year

North Sea oil platform [image credit: matchtech.com]

Demand for oil shows no signs of fading away any time soon, despite the negativity from climate obsessives.

Oil exploration in the North Sea is expected to begin a bounce back over the coming year, according to analysts Wood Mackenzie.

Drilling in the UK sector in 2018 was at its lowest level since the 1960s, says BBC News.

Forecasters believe the figure will increase over the coming year, with the Norwegian sector expected to experience the biggest growth.

It is predicted 60 wells will be drilled in waters of the UK, Norway, the Netherlands and Denmark.

Research analyst Kevin Swan said: “Norway will be at the heart of the uptick, with drilling expected to reach pre-downturn levels.

“We forecast over 40 exploration wells will be drilled, up from 26 in 2018.

“Exploration is back in the UK too. It languished in 2018, with just eight wells drilled, the lowest number since the 1960s.

“We expect the UK sector to see between 10 to 15 wells this year.”

Biggest contribution

Siccar Point’s Blackrock and Lyon wells, west of Shetland, are those analysts believe carry the biggest potential.

Equinor – formerly Statoil – is expected to drill around 20 wells in UK and Norwegian waters.