Project approvals to keep U. K. sector busy

Journal Article · Mon Sep 02 04:00:00 EDT 1991 · Oil and Gas Journal; (United States)

OSTI ID:5796524

This paper reports that oil and gas fields are steadily coming on stream in the U.K. North Sea. During the past 12 months, three new oil developments and four gas fields were commissioned. The high level of offshore activity will continue. During 1990, the U.K. Department of Energy gave approval for 18 new offshore projects, which will cost operators {Brit pounds}5.2 billion to complete. So far this year, the department has approved eight new offshore projects. As many as 50 other fields could be brought forward for development during the next 5 years. Fabrication yards are seeing a return to the boom activity of the early 1980s. Some facilities mothballed after the 1986 oil price collapse have been restarted. The lack of construction capacity in the U.K. has forced some operators to place orders with continental European suppliers. Some have gone further afield; for example, the jacket for the new British Petroleum Co. plc Forties riser platform will be built in Korea. Net result has been a big increase in fabrication costs. A survey of analysts County Natwest Woodmac showed that fabrication costs have risen by 20-30% in the past year, while development drilling costs have risen on the tide of a doubling in rig rates during the same period.

• OSTI ID: 5796524
• Journal Information: Oil and Gas Journal; (United States), Journal Name: Oil and Gas Journal; (United States) Vol. 89:35; ISSN OIGJA; ISSN 0030-1388
• Country of Publication: United States
• Language: English

Related Subjects

02 PETROLEUM
020300* -- Petroleum-- Drilling & Production
03 NATURAL GAS
030300 -- Natural Gas-- Drilling
Production
& Processing
ATLANTIC OCEAN
COST
DEVELOPED COUNTRIES
DRILLING
EUROPE
GEOLOGIC DEPOSITS
MINERAL RESOURCES
NATIONAL ORGANIZATIONS
NATURAL GAS DEPOSITS
NATURAL GAS FIELDS
NORTH SEA
OFFSHORE OPERATIONS
OIL FIELDS
PETROLEUM DEPOSITS
PRODUCTION
RESOURCES
SEAS
SURFACE WATERS
UNITED KINGDOM
UNITED KINGDOM ORGANIZATIONS
WELL DRILLING