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OGJ Newsletter

07/14/2008
General Interest — Quick TakesOil & Gas UK outlines UKCS production challengesOperators on the UK Continental Shelf (UKCS) spent £4.9 billion on developing new reserves in 2007 compared with £5.5 billion spent a year ago, according to an economic report produced by trade association Oil & Gas UK.The decline in spending is worrisome because rising exploration and production costs mean that capital is only one-third as efficient as 5 years ago, which threatens bringing on new oil and gas production.OGUK said the industry required significant investment over and above the £21 billion planned by companies to produce 9.8 billion boe over the next 5 years. The ass...
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