The merger and acquisition(M&A) activity within the North Sea has surpassed $8billion in 2017, anindication that confidence is gradually returning to the North Sea.

The figure has been released viaOil and Gas UK’s newly launched Market Insight Report.

The bi-annual report, releasedwith the most recent overview of the current business environment and trendswithin the North Sea, claims that the recent increase in M&A will encouragefurther business.

The new insight report alsobelieves that the increase in confidence could see a number of significantprojects finally get off the ground.

Mike Tholen, Oil and Gas UK’supstream policy director, said: “This year has been a very busy one for M&Aactivity which must be seen as a sign that confidence is returning the basin.Now with Transferable Tax History (TTH) in play, we expect that M&Aactivity will continue into 2018 as established players can more easily divesttheir non-core assets to companies better suited to invest in them and extendfield life.

 “Analysis shows that when an asset changesoperatorship, average field life extension of nearly five years is achieved,and I am confident that trend will continue to shape the future of the UKCS.”