NORTH Sea drilling was maintained as a steady pace in the second quarter of 2013 with an increase in activity expected in the second half of the year.
A report by the Petroleum Services Group at accountancy giant Deloitte found there were 16 exploration and appraisal wells drilled on the UK portion of the North Sea between April and the end of June.
That was down from the 18 wells in the same period last year, but up on the nine drilled during the first quarter of 2013.
Graham Sadler, managing director of Deloitte's PSG, said: "These figures indicate the UKCS remains a strong and productive sector, which bodes well for the final two quarters of the year.
"I fully expect to see further positive figures in quarters three and four as the region recovers from a prolonged and harsh winter, which was followed by an unusually late spring."
The report suggests sustained high oil prices and new technologies will encourage companies to develop fields which would have not previously been commercially viable.
The researchers said that trend, coupled with changes to tax allowances, should encourage further investment to develop oil and gas assets in the North Sea.
The study also found there had been a large number of farm-in deals – where one company takes a stake in another firm's field – in the quarter. Those transactions made up 21 of the 30 deals across north west Europe in the second quarter, compared to eight out of 35 for the same period in 2012.
Mr Sadler added: "The number of smaller companies operating in the North Sea, as many major firms move to less mature areas, in part explains the significant increase in the number of farm-in deals.
"Farm-ins allow smaller companies to benefit from pooling resources and equipment such as drilling rigs, enabling them to access existing North Sea reserves."
Norwegian business Spike Exploration and Bath based Union Jack Oil were the most active acquirers in the period both striking three deals each. In terms of divesting or farming down assets Ithaca Energy and Egdon Resources came top with three deals apiece.
The UK shale gas industry is expected to develop slowly and Deloitte said "clarity and guidance" around tax and legal issues is needed.
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