U.K. first choice for new E&P ventures

U.K. is the international oil and gas industry's favorite country for new exploration and production ventures in 1997, according to Robertson Research International Ltd., Llandudno, U.K. Robertson received responses from 111 companies, said to account for a total 75% of international upstream spending for the year, to a survey of interest in new ventures in 146 countries. U.K.'s narrow victory over Venezuela, which was first in last year's similar survey, was attributed to an

March 31, 1997

U.K. is the international oil and gas industry's favorite country for new exploration and production ventures in 1997, according to Robertson Research International Ltd., Llandudno, U.K.

Robertson received responses from 111 companies, said to account for a total 75% of international upstream spending for the year, to a survey of interest in new ventures in 146 countries.

U.K.'s narrow victory over Venezuela, which was first in last year's similar survey, was attributed to an attractive fiscal regime and progressive licensing regulations.

The top ten countries, in order, are: U.K., Venezuela, Indonesia, Algeria, Australia, Colombia, Argentina, Peru, Angola, and Iraq.

"A significant advance by Angola," said Robertson, "up from 15th position last year, leads a resurgence of interest in African countries generally and West Africa particularly.

"Far East/Australasia remains the favorite region, with Latin America/Caribbean second. The former Soviet Union countries all fall down the rankings, making this the least popular region for new ventures in 1997."

Sixty-one per cent of survey participants are actively seeking ventures, said Robertson, with 85% of these tightly focused on target countries. Eighty percent said 1997 exploration and production budgets were higher than for 1996.