UK North Sea field developments move forward

Offshore staff

LONDON –The UK Department for Business, Enterprise, and Regulatory Reform has approved plans for new field developments at West Don and Don South West in the North Sea. The fields are expected to peak at 50,000 b/d of oil in the first half of next year.

Also, John Hutton, secretary of state for Business, Enterprise and Regulatory Reform, outlined plans to split new oil and gas fields out of existing but unprofitable fields. That change could affect 30 fields that would not be affected by the Petroleum Revenue Tax.

"High global oil prices are in part a signal that producing countries need to increase supply," Hutton says. "All oil producing countries need to take action, and it's therefore important for us to make sure we sustain the right environment to maximize recovery of the UK's own reserves. The North Sea industry is of central importance to the British economy: it supports some 380,000 jobs, with investment worth around £5 billion a year."

05/30/2008