UKOOA's May: Operators adapt to new phase in UK offshore life cycle

Oil and gas operators on the UK continental shelf (UKCS) are adapting to what James May calls "the new phase in the UKCS's life cycle."It's a phase, says May, director general of the UK Offshore Operators Association Ltd. (UKOOA), in which "maturity and asset materiality are the key drivers."And it's a phase characterized by changing taxation and growing emphasis on cooperation: between companies and the government and between the UK industry and its North Sea neighbors.May describes as "indicative of the new phase" Apache Corp.'s agreement, announced in January, to purchase a 96% interest in venerable Forties oil field from BP PLC.Apache acquired the Forties stake for $63...

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