Small players drive a revival in the North Sea
Norway and the UK showed increasing appeal for E&P firms in 2018, with M&A moves propelling investment into the North Sea—but Brexit was a concern for some in the UK side of the play
Western Europe's offshore sector proved something of a magnet for E&P in 2018. According to a recent report from the Norwegian Petroleum Directorate (NPD), the 10 wildcat wells drilled during first-half 2018 already have found more new crude—a median estimate of 330mn boe—offshore Norway than was found by 24 wildcats during all of 2017. A wave of mergers and asset consolidations firmed up investment prospects for an offshore sector eager to stem future production declines. In October, Gazprom abandoned plans to swap assets with Austria's OMV, who agreed to buy a 24.98pc stake in the 4A and 5A phases at Achimov for an undisclosed cash sum. Norway's energy ministry had expressed reservatio
Also in this section
24 December 2025
As activity in the US Gulf has stagnated at a lower level, the government is taking steps to encourage fresh exploration and bolster field development work
23 December 2025
The new government has brought stability and security to the country, with the door now open to international investment
23 December 2025
A third wave of LNG supply is coming, and with it a likely oversupply of the fuel by 2028
22 December 2025
Weakening climate resolve in the developed world and rapidly growing demand in developing countries means peak oil is still a long way away
