The UK offshore oil and gas industry exhibits all the signs of a mature petroleum province, with long term declining production, exploration, and size of new discoveries, plus very high unit costs. These symptoms were disguised in the period 2009-2014 due to the high oil prices and an investment boom. But the remaining physical potential is substantial. Tax concessions can have a positive effect on incentives. The overall impact can be quite complex. Further cost reductions and technological progress are both necessary to enhance investment in the many undeveloped discoveries. The life of the province could then extend beyond 2050.
|Title of host publication||Oil and Gas Law - Current Practice and Emerging Trends|
|Subtitle of host publication||Volume I: Resource Management and Regulatory Law|
|Editors||Greg Gordon, John Paterson, Emre Üșenmez|
|Place of Publication||Edinburgh, UK|
|Publisher||Edinburgh University Press|
|Number of pages||37|
|ISBN (Electronic)||9781474420204, 9781474420198|
|Publication status||Published - Feb 2018|
- Economics of North Sea Oil and Gas
- Effects of Cost Reductions and Tax Incentives
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- Centre for Energy Transition
- Business School, Economics - Professor of Petroleum Economics and Director of Aberdeen Centre for R