Thursday 9 September 1999

UKOOA Responds: Launch of “Lift” and “Deal” Internet Services

Commenting on the announcement today that two complementary internet-based services LIFT and DEAL are to be launched on the world-wide web to promote licence trading and active portfolio management in the UK offshore oil and gas industry, James May, Director General of the UK Offshore Operators Association (UKOOA), said:

LIFT and DEAL will provide an invaluable resource for companies wishing to review their portfolios in the UKCS, or for those considering new investments in the area.

There is little doubt that the ease of access to trading opportunities provided by LIFT and the wealth of relevant information readily available on the DEAL database will lead to increased trading activity, and, therefore, better recovery of remaining oil and gas reserves.

UK operators welcomed the extension of Capital Gains Tax rollover relief earlier this year as the removal of a significant barrier to asset trading in the UKCS. The virtual trade fair established by LIFT will be a key tool in the Industrys efforts to rationalise investment portfolios and create cost-efficiencies through economies of scale and more effective use of the existing infrastructure.

For more information, please call 020 7802 2400.