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UK North Sea 2016 Activity: M&A Comes to a Standstill, Assets on the Market High; DECC Seen to Grant Licence Extensions, Easing Pressure on Operators to Drill Commitment Wells

LONDON--(BUSINESS WIRE)--Oil and gas information and insight provider 1Derrick observed in its study that barring Premier’s $120 million offer for E.ON’s UK North Sea portfolio, M&A activity in UK came to a standstill.

UK North Sea 2016: M&A comes to a standstill, Assets on the market high; DECC seen to ease pressure on Operators

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After a 6 month lull, BP drilled a wildcat on Farragon prospect. E&A drilling fell from 41 wells in 2012 to 20 in 2015. 1Derrick anticipates this to fall further in 2016. With 18 licences with firm drilling commitments, 1Derrick expects operators to request DECC an extension given the continued industry pressure.

M&A activity comes to a standstill

1Derrick data shows that M&A slowed sharply in 2016 at only ~$147 million till date...