Marginal fields will give industry second chance
Journal Article
·
· Offshore; (United States)
OSTI ID:5897728
The UK is now the fifth largest oil producer in the world and the second largest offshore producer. Tax revenues alone are running at more than $12 billion a year, and a quarter of total UK industrial investment is spent on the North Sea. Unsteady oil prices have been less important to the UK in the short term than the downward shift in the government tax take and a higher price for new gas supplies. The main impact of lower tax has been to demarginalize a number of smaller fields committed for production. To be economic, the new fields will have to be developed with tough-budget new technology. This technology could be very valuable in world markets.
- OSTI ID:
- 5897728
- Journal Information:
- Offshore; (United States), Journal Name: Offshore; (United States) Vol. 45:5; ISSN OFSHA
- Country of Publication:
- United States
- Language:
- English
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