EXPLORATION PACE SLOWS OFF NORTHWEST EUROPE

Exploration off Northwest Europe hit a low point last year. However, development drilling was comparatively high, reflecting the maturity of many North Sea plays. A report by Petroconsultants SA, Geneva, shows seismic surveying off Northwest Europe amounted to 185 ship-months in 1994, compared with a peak of 334 ship-months in 1992.

March 20, 1995

2 min read

Exploration off Northwest Europe hit a low point last year.

However, development drilling was comparatively high, reflecting the maturity of many North Sea plays.

A report by Petroconsultants SA, Geneva, shows seismic surveying off Northwest Europe amounted to 185 ship-months in 1994, compared with a peak of 334 ship-months in 1992.

"The trend to replace 2D acquisition by 3D surveying has been continuous," Petroconsultants said. "The number of 3D acquisitions has been constant for the last 3 years, varying between 78 and 88 surveys, but the amount of 2D has rapidly decreased from 148 surveys in 1992 to 80 last year."

Fewer appraisal wells-45 in 1994 compared with 72 in 1993-were drilled. Wildcats numbered 92 last year compared with 85 in 1993. That was well below the 1991 record, when 196 wildcats and 93 appraisal wells were drilled.

The success rate of drilling held up, with a rate of 39-47% during the last 10 years. For wildcatting only, 1993 was the least successful year at 28%, but in 1994 the rate increased to 38%.

The number of development well completions rose from 292 in 1993 to 329 last year. The 1994 break(:)ut was 170 oil wells, 70 gas wells, and 89 service wells and dry holes.