Spending climbs

Operating companies plan to spend US $2.4 billion in exploration and development work in the UK North Sea over the next 2 years, according to The Business, quoting a Hannon Westwood report. Wells planned in that period are aimed at geologic structures containing a potential 6.5 billion boe of reserves. Even if success rates match the past year, the North Sea would add 1.5 billion boe in reserves. Last year, operators in the UK North Sea spent $900 million to find 733 million boe of hydrocarbons. The 112 planned wells over the next 2 years would use all of the rigs currently available in the area.