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
30 January 2026
As KPC deepens international partnerships, expands capacity and builds on breakthrough offshore success, Shaikh Nawaf S. Al Sabah says oil interdependence—not self sufficiency—will define the energy system for decades to come
29 January 2026
Caught between LNG risks from across the Atlantic and the wounds from Russian gas dependence, Europe needs more than a simple diversification strategy
28 January 2026
The alliance looks to bolster market management credibility by bringing greater clarity and unity to output cuts and producer capacity later in 2026
23 January 2026
A strategic pivot away from Russian crude in recent weeks tees up the possibility of improved US-India trade relations
