Deloitte sees 36% decline in UK North Sea drilling

10/31/2011
Drilling activity in the UK North Sea has fallen by 36% year-on-year despite an oil price of more than $100/bbl which would normally encourage increased exploration activity. "Elsewhere in northwest Europe, this buoyant oil price has driven high levels of drilling activity," said Graham Sadler, managing director of Deloitte's petroleum services group. "It could be that factors, including the relative geological maturity of the UK sector, compared to some adjacent regions, and the alterations made to the UK fiscal regime earlier this year have impacted business confidence," said Sadler. In March, the UK's Treasury raised the top rate of tax on profits from North Sea pro...
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