Friday 21 March 2014

Oil & Gas UK Welcomes The News That BG Group and Maersk Oil Will Develop Two New Projects

Commenting on the news that Maersk Oil and BG Group will now be able to push forward on two new projects  as a result of the Government’s proposed new field allowance, Oonagh Werngren, Oil & Gas UK’s operations director, said: “It is heartening to see that the Government has chosen to propose a new allowance for ultra -High Pressure High Temperature projects which could provide a step change in approach for  operators of  technically challenging prospects, like Jackdaw and Culzean in the North Sea. The allowance has the potential to attract £5 -6 billion of investment in the near term if it is pitched at the appropriate rate.  The measure should also encourage broader collaboration around acreage near key infrastructure hubs, which is one of the key PILOT work streams being undertaken by the industry to maximise recovery of oil and gas from the UK continental shelf.”