Industry group Oil & Gas UK warned Tuesday of a continued drop in North Sea drilling needed to sustain output levels in the longer term. Receive daily email alerts, subscriber notes & personalize your experience. Register Now In its annual Economic Report, OGUK said a 50% decline in drilling activity over the last five years was a cause for “real concern” about the industry’s ability to realize its potential. It said the industry had initiated just four exploration wells in the first eight months of 2018 and the expected number for the whole year, at 10-12 wells, would be the lowest since 1965. Development drilling has also declined, with 41 development wells drilled in the first half, down from 47 in the same period last year. “Lower development drilling will result in a lower well stock, and hence lower production levels. This will occur as older wells […]