U.K. REFORMS DEVELOPMENT APPROVAL PROCESS

The U.K. Department of Trade & Industry (DTI) has simplified requirements for oil and gas field development approval, particularly for small fields. Procedures introduced Dec. 1 are expected to cut the cost to licensees in seeking Annex B development approval. For a typical North Sea field reductions could amount to 200,000-300,000 ($300,000-450,000), DTI said. A further 100,000-200,000 ($150,000-300,000) is expected to be saved during the life of the field through reduced production reporting.

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