Declining production in mature fields, relatively small sizes of new fields, the fall in oil prices and the high tax takes in old fields have combined to squeeze profit margins on petroleum exploitation in the UKCS. Achieved reductions in development and operating costs can help to sustain activity levels over the next two decades. Contractors as well as oil companies and the nation generally will benefit from the substantial number of induced extra field developments achieved from cost savings of 20%.
- Cost savings
- Enhanced production
- Induced investment
ASJC Scopus subject areas
- Management, Monitoring, Policy and Law