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02/25/2008
General Interest - Quick TakesWoodMac: Operators still vexed by high costsHigh oil prices have not resulted in high returns on projects because of an increase in exploration costs and the taxes earned by host governments, according to energy consultancy Wood Mackenzie Ltd., Edinburgh.Operators now need to assume an oil price of $70/bbl to earn close to 15% on exploration, delegates at International Petroleum Week in London were told. Alan Murray, WoodMac exploration service manager, said, “Cost increases mean that pretax margins on new fields have not increased with oil prices.”Many host governments such as the UK, Algeria, and Bolivia changed their fiscal regime as oil prices...
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