UKOOA: UK North Sea continues to attract independents

The UK oil and gas industry is at the halfway stage of development, with "at least as much oil and gas to produce as has already been produced," said James May, director general of UK Offshore Operators Association Ltd. (UKOOA), at the annual Institute of Petroleum meeting last month in London.However, he acknowledged that UK offshore drilling hit an all-time low in 2002, with just 19 wells drilled on the UK Continental Shelf (UKCS). He also noted that the UK industry has been spending more—in excess of £6 billion since 2000—to produce less. Unit operating expenditures are expected to rise 20% to $4.90/boe by 2010, he said.However, May said, "The North Sea still offers a ...

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