The study highlights amongst other that 170 new companies have entered the UKCS since 2008, out of which 72 remain active, and 31 currently hold reserves and production. 94 of the new entrants are exploration-led private start-ups.
New entrant E&P companies to the UKCS now control 46% of production, 39% of reserves and 64% of potentially commercial volumes yet to be developed. New entrants are producing over 300 MMboe per year, while only a total of 577 million barrels of reserves have moved into production since 2008.
The new entrants will be funding over 16 net exploration wells during the next two years, representing 70% of the total number of planned exploration wells on the UKCS.
Since 2008, new entrants have spent US$29 billion in UKCS asset and corporate deals, and to date, new entrants have sold US$1.1 billion in assets. Only 3 new entrants have exited completely for cash with a positive return on investment, while 12 have exited through a merger.
There have been 23 private equity-backed new entrants who have collectively spent US$11bn acquiring assets with several high-profile deals since 2016.