Robertson: UK regains first place as favorite country for new ventures

The UK has regained its first place in an international survey, ahead of Australia and Libya, favored by international oil companies for new exploration and production investment in 2003, said a recent survey by UK consultant Robertson's Research International Ltd.

May 19, 2003

2 min read

By OGJ editors

HOUSTON, May 19 -- The UK has regained its first place in an international survey, ahead of Australia and Libya, favored by international oil companies for new exploration and production investment in 2003, said a recent survey by UK consultant Robertson Research International Ltd.

Despite a tax hike in 2002, the UK has risen from second place in last year's survey to succeed Libya for the top slot in 2003, Robertson said. The International New Ventures Survey polled more than 200 oil companies in 147 countries outside North America.

After 3 years at the top, Libya placed third. Australia, with a similar infrastructure to the UK and equally stable terms, moved from third position in 2002 to second place in 2003.

UK reaction
An aggressive promotional campaign, good infrastructure, and a relatively low tax environment make the UK an increasingly attractive global destination for New Ventures explorers, Robertson said.

UK Energy Minister Brian Wilson said, "The North Sea is not just a mature basin but also an evolving one. To reclaim our top spot for exploration with international companies is no mean feat. For the first time in 5 years, the UK continental shelf is now recognized, outside North America, as a global center for new ventures."

The survey results confirm "that there is a lot of life left in the North Sea," Wilson said.

Middle East
The Middle East remains the most popular region for new ventures despite recent political upheavals. Robertson noted opportunities remain restricted in the Middle East, and sanctions against Iraq currently make it difficult for companies to invest there.

"Qatar makes a staggering leap from No. 9 to fourth position overall: a rise that's even more remarkable when you consider that it wasn't even in the top 20 just 3 years ago," Robertson said.

"Given the fact that this survey was carried out during January and February, when the outcome of the Iraq crisis was far from certain; these are amazing results, almost eclipsing the other surprising fact that Mexico is no longer in the top 10.

The remaining top 10 countries for 2003 are: 5. Algeria, 6. Equatorial Guinea, 7. Indonesia, 8. Brazil, tied for 10. Gabon and Tunisia.