Summary
BRITAIN will remain a major petroleum economy for many years to come, said the head of the industry's biggest operators body yesterday - but raising the GBP 300 billion of cash needed to produce its remaining reserves will depend on a radical overhaul of the industry, which needs an urgent shift in the regulatory and tax regime.
Malcolm Webb, the chief executive of the UK Offshore Operators' Association, told a conference in Aberdeen that, to ensure the North Sea's vital remaining reserves can be fully exploited, the money will have to come from private industry, but warned that attracting that "is not a given".See the full content of this document
Extract
Radical Change Needed to Ensure North Sea Oil's Future
And he added that complacency over high oil prices represented one of the biggest dangers confronting the industry.
In...See the full content of this document
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