WATCHING THE WORLD TOO FEW EGGS, TOO MANY BASKETS

With David Knott from London The 1991 average price of North Sea crude oil fell 20% from the year before. This fall, not high operating costs, has made companies more reluctant to invest in new North Sea fields, says Mackay Consultants Ltd., Inverness. Rival analyst County NatWest WoodMac (CNWM), Edinburgh, suggests another possible cause: better prospects elsewhere. Mackay identified a 27% drop in unit exploration costs from 1981 to 1991, with a 7% slide in unit development costs and a 32%

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