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

05/05/2003
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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