WATCHING THE WORLD U.K. DRILLERS SEEK TO REDUCE RISK

With David Knott from London A little more than 1 year ago the U.K. Chancellor of the Exchequer removed tax relief on exploration and appraisal (E&A) drilling. This earned him the nickname "Driller Killer" among some U.K. operators (OGJ, Apr. 5, 1993, p. 34). One year later, E&A drilling in the U.K. has fallen but not as much as was feared--at least not yet. Figures released by Arthur Andersen & Co., London, show E&A drilling was down 27% in the 12 months following the tax change. This time

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