OTC: North Sea development needs majors' cash, indies' perspective

The North Sea needs a mixture of major oil and gas companies, which provide large investments, and independent operators, which bring a new perspective to the region, panelists said during the Offshore Technology Conference in Houston.The North Sea is an evolving prov- ince whose production has peaked and is now gradually declining, UK Department of Trade and Industry (DTI) officials confirmed in a May 6 OTC session. Independents are seen as a key component for future development and production.In a separate OTC luncheon address May 3, UK Energy Minister Stephen Timms described how the UK government is devising new licensing agreements aimed at encouraging new, smaller players to enter th...

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