European exploration surprises on the upside

Exploration interest remains high in the region even as political storms gather over the industry’s ‘license to operate’

It was a year of contrasts in northwest Europe. Long-term demand for oil and gas received increased scrutiny, with investors pointing at higher risk premiums and calls for abolishing petroleum activity. Yet exploration trends pointed towards an industry with a stronger outlook on the future, and where northwest Europe resources play an increasingly vital role. There was increased exploration across the board in the region, with 23 FIDs reached and ‘flag-pole’ transactions for future activity reaching high price tags. The momentum has met the expectations Rystad Energy had at the start of the year, and is expected to continue into 2020. It was projected that 97 wells would be completed this y