The Solan development supports the view that we're about to witness a step up in North Sea exploration activity in coming months; a process that was given renewed impetus by the recent tax concessions announced by HM Treasury. Designed to stimulate exploration activity in the North Sea, the budget measures show that the government is finally taking a strategic view of the UK's offshore oil and gas fields. And high oil prices are providing the rationale for further investment in fields once considered marginal. A recent survey carried out by Deloitte Petroleum Services found that exploration for offshore oil and gas deposits in the UK increased 22 by per cent during the first quarter of this year over the comparable period last year.
Mark Groves-Gidney, chief executive of
The oil majors are giving way to smaller operators in the North Sea, who typically farm-down their interests to de-risk commercial development. The growing acceptance of this business model benefits flexible North Sea operators such as Trap Oil,