WATCHING THE WORLD SURVIVING AS AN INDEPENDENT

with Roger Vielvoye from London The North Sea looks set to lose another independent operator regardless of whether Lasmo plc is successful in its bid for Ultramar plc, London. Ultramar, with its unwieldy combination of exploration and production assets, downstream operations in California and eastern Canada, and an unloved shipping arm, has been put into play and almost certainly will be swallowed up and dismembered by Lasmo or some other bidder willing to offer a higher price.

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