UK North Sea exploration slowed down by more than a third in 2013 – but analysts predict it will pick up again next year.
Just 27 wells were spudded and 32 completed during the year, down from 41 in 2012, according to new figures from research firm 1Derrick.
Work picked up slightly in the final quarter of the year, with eight wells being drilled between August and November compared to five during the previous three months.
But analysts predict things will increase again over the next few years, with almost 100 licences awaiting a rig to begin work.
“Drilling inventory is high – there are 97 ready to drill licenses awaiting a rig, and 244 licenses with drill or drop or contingent decisions pending,” said 1Derrick analyst Rajeev Singh.
“Positive exploration results during 2013 included E.ON’s Tolmount, ConocoPhillips’ Lacewing, Fairfield’s Darwin and DONG’s Cragganmore.”
Of the wells drilled in the year, 12 were appraisal wells, with 15 wildcat wells.
The group said it expected more than 100 wells to be drilled from the 97 licences, with eight firms – including Nexen, EnQuest and Maersk – behind more than half of the exploration work.
More than 60 of the new wells will be in the Moray Firth and Central North Sea, with 14 West of Shetland and 10 in the Northern North Sea.
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