Deloitte: UK Continental Shelf to see activity drop in drilling

06/08/2009
Drilling activity on the UK Continental Shelf may fall by half in 2009 and drop again in 2010 despite the new incentives and tax changes introduced by the Chancellor in April, Deloitte LLP has warned.The advisory firm said high operating costs and tax burdens are affecting drilling with investment in new and existing fields expected to fall to £3.5-4.5 billion this year and dropping again to £2.5-4 billion in 2010.The analysis was given at a briefing in Aberdeen in partnership with trade association Oil & Gas UK, which lobbied for major changes in the fiscal regime to improve activity on the UKCS, especially with low oil prices.“Merger and acquisition activity is expected to ris...

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