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ARTICLE · 13 APRIL 2011

Drilling Activity Down 25% Across UK Continental Shelf

Deloitte
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North Sea offshore drilling activity fell 25% in the first quarter of 2011, according to the latest oil and gas industry figures released by Deloitte.

United KingdomEnergy and Natural Resources
Deloitte Energy & Resources Group
Deloitte Energy & Resources Group
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North Sea offshore drilling activity fell 25% in the first quarter of 2011, according to the latest oil and gas industry figures released by Deloitte.

The North West Europe Review, which documents drilling and licensing in the UK Continental Shelf (UKCS), reveals just five exploration and four appraisal wells were spudded in the UK sector between January 1 and March 31; compared to a total of 12 during the fourth quarter of 2010.

Analysts at Deloitte's Petroleum Services Group said while the drop cannot be attributed to the recent Budget announcement, which proposed increased tax rates for oil and gas companies, it could set the pattern for activity in the future.

Graham Sadler, managing director of Deloitte's Petroleum Services Group said:

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