A new report from business intelligence provider GBI Research has announced that drilling expenditure in Europe is projected to rise at an average annual growth rate of 6.9 per cent, from about £6.54bn in 2013 to £8.34bn in 2016. Key contributors are Norway and the UK which, together, account for the highest number of oil wells, representing 75 per cent of the total offshore drilling expenditure in Europe.
The report ‘Offshore Drilling Industry in Europe to 2016 – Norway a Driving Force for the European Offshore Drilling Industry, Reserves and Development Projects’, offers an outline of the oil and gas industry in Europe, with analysis of historical trends and forecasts to 2016. Offshore drilling analysis of countries including Norway, Denmark, The Netherlands, UK and Russia are also included within the report.
The research concludes that Norway will emerge as a key hub for offshore drilling in Europe with a series of new development projects in the next two years. It is estimated that Norway will achieve an expenditure of £3.27bn in 2016, which will be followed by the UK with an expenditure of £2.62bn.
Eric Doyle, Regional Director – Europe at Aquaterra Energy, commented: “The growth of Norwegian drilling in parallel with the UK market reflects the activity that we have been expecting. We are already working with a number of key operators across these strategic locations and have plans to further enhance our presence in order to support these burgeoning hubs. Using the skills and expertise that our fast growing Aberdeen based team offers, will ensure we are well placed to continue to deliver key drilling projects in both of these thriving regions.”