Dates in 2010
27-30 April - Houston
15-18 June - Bergen
21-24 Sept - Aberdeen
27-30 April - Houston
15-18 June - Bergen
21-24 Sept - Aberdeen
contact www.clarion.org or SEN for details
| vol. 26 - no. 23 25 February 2010 |
| Latest front page news: |
| UK OFFSHORE SECTOR IS ON THE BRINK |
| From Aberdeen (GS): The UK’s proven oil and gas reserves within existing and planned developments have plummeted to 5.25bnboe, the equivalent of just six years production, according to the latest Oil & Gas UK activity survey. The revelation came with grim warning from the organisation that the industry is at a crossroads and it is vital that whoever is governing the country following the election moves swiftly to encourage investment. The reserves have fallen by more than 40% over the past four years - from 9.2bnboe at the start of 2006 - and the only time they have beenas low before was on the way up. Up to 25bnboe remain to be recovered from the UK continental shelf, but mature fields, particularly those subject to petroleum revenue tax, are struggling to secure the additional investment needed to prolong their productive life. Business plans developed last year have identified up to 11bnboe of oil and gas in new and existing projects, a 15% increase over 2008, but they require capital expenditure of £60bn. Provided this investment can be secured, the industry could still be delivering 1.5mmbbls of oil and gas per day in 2020, enough to satisfy half of total UK demand. Decomm headache Oil & Gas UK is urging the government to rapidly find a means of applying new field allowance to existing fields and to provide certainty on the fiscal treatment of decommissioning costs which last for the life of the field. ‘Unless this issue is resolved soon, we risk seeing the pace of decommissioning accelerate,’ said Malcolm Webb, chief executive of O&GUK. ‘This will needlessly threaten our security of supply and damage the future of our supply chain with a consequent loss of technology and highly skilled jobs in the UK economy.’ |