UK warned on exploration decline
The country’s watchdog isn’t happy after just four exploration wells were drilled last year
The head of the UK's oil and gas industry watchdog has urged operators to "use it or lose it" as a report last week revealed that oil and gas exploration in the UK North Sea has fallen to historic lows. Andy Samuel, chief executive of the Oil and Gas Authority (OGA), urged operators to explore and exploit their North Sea licenses or have them revoked. The 2018 Economic Report on the sector showed that years of cost control by operators and the supply chain in the wake of the oil price crash meant new North Sea investments should break even at $40-$50/boe. However, operators have been reluctant to try find new hydrocarbon reservoirs. The report, by trade body Oil & Gas UK (O&GUK), fou
Also in this section
17 February 2026
The 25th WPC Energy Congress, taking place in Riyadh, Saudi Arabia from 26–30 April 2026, will bring together leaders from the political, industrial, financial and technology sectors under the unifying theme “Pathways to an Energy Future for All”
17 February 2026
Siemens Energy has been active in the Kingdom for nearly a century, evolving over that time from a project-based foreign supplier to a locally operating multi-national company with its own domestic supply chain and workforce
17 February 2026
Eni’s chief operating officer for global natural resources, Guido Brusco, takes stock of the company’s key achievements over the past year, and what differentiates its strategy from those of its peers in the LNG sector and beyond
16 February 2026
As the third wave of global LNG arrives, Wood Mackenzie’s director for Europe gas and LNG, Tom Marzec-Manser, discusses with Petroleum Economist the outlook for Europe’s gas market in 2026
