This week it was announced that BP will be selling off a number of their assets that are currently based in The North Sea, but said they remained committed to the geography. However the new ventures seem to be in Norwegian waters as well as the UK, so ultimately this will cost the country in the short-term? The move is seen as an attempt to recover some of the costs of the Deepwater Horizon spill.

Other geographies are proving to be lucrative at the moment; namely East Africa and the Middle East/CEE. Recently Afren discovered more reverses than they first thought and ultimately will be able to produce 10,000 – 15,000 barrels at day at a The Barda Rash field in Kurdistan in Iraq. With more discoveries of this nature will investors be putting their back into exploration companies and will this spark off some IPOs in the UK market…?