ABSTRACT
European oil- and gas-related activities in 1985 maintained the momentum of 1984 in most areas. Drilling in the North Sea nearly matched the record high levels set in 1984. New-field wildcats, mostly small discoveries, numbered 38 in the North Sea, followed by 17 in Italy. The most significant find of the year was Conoco’s Heidrun oil field, located above the 62nd parallel in the Haltenbanken, offshore Norway. Exploration and development activity boomed in France’s Paris basin, with companies scrambling for the dwindling open acreage. Oil production increased 4.8% in 1985 despite sluggish consumer demand. The year ended with fluctuating oil prices in a downward spiral and fears of industry cutbacks. Despite these concerns, drilling projections for 1986 showed a slight increase. Licensing rounds are scheduled for most North Sea sectors in 1986.
