Mixed fortunes offshore

DRILLING activity in the North Sea has risen by 45 per cent during the third quarter of the year, but is significantly down on the same period last year.

Financial consultants Deloitte said that 16 wells were started between 1 July and 30 September compared to 11 in the previous quarter, but this was 36 per cent fewer that during the same period last year.

This year has seen 37 well initiated, a 41 per cent decrease on 2010 and the lowest number drilled since 2003.

Experts blame the age of North Sea oil production, the coalition government’s tax increases on offshore activity and difficulties borrowing money due to the eurozone crisis.

There has also been a shortage of heavy duty rigs to work in extreme conditions like west of Shetland.