Tuesday, August 10, 2010

North Sea Oil Activity Increase with Prices

North Sea oil companies are seeking to speed development of fields after an increase in crude prices, said Deloitte LLP, the professional-services firm.
“With the worst of the credit crunch now behind them, companies are again looking to fast track their developments and prove up reserves with a backdrop of a relatively high and stable oil price,” Ian Sperling-Tyler, associate partner of energy-transaction services at Deloitte, said in an e-mailed statement.
A ranking of U.K. oil companies, excluding major international groups, placed Tullow Oil Plc as biggest by market value as of June 30, Deloitte said. Tullow’s value of 8.9 billion pounds ($14 billion) was 33 percent of the total value for the 25 biggest U.K. oil companies, Deloitte said, down from 41 percent at the end of 2009.
To contact the reporter on this story: Mathew Carr in London at m.carr@bloomberg.net

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