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PILOT Initiatives to Boost Investment in UKCS
| Date: | 07 Jun 2000 | | Details: | Two new initiatives, which aim to speed up the development of marginal oil and gas fields, were announced today. If successful, these initiatives could lead to significant new development investment.
The PILOT Undeveloped Discoveries Workgroup are championing a process to find new ways of bringing together the licence owners of adjacent discoveries to explore new ways to enable their development. A screening study has been completed with several potential development "clusters" identified and contacts initiated with the licence holders to identify the most promising of these for further work.
Meanwhile Amerada Hess, BP Amoco and Shell working with the Undeveloped Discoveries Workgroup and LOGIC plan a complementary "Satellite Accelerator" initiative. The intent is to open a number of opportunities for industry collaboration, inviting innovative proposals from the industry at large. The Satellite Accelerator initiative concept will be developed further over the coming months. If successful, it is expected that other operators would embrace it.
Commenting on the moves, Helen Liddell, the Minister for Energy, said, "These initiatives will help the industry to find creative and innovative solutions to enable the next phase of difficult developments. There is a real sense of optimism that we are close to unlocking the door to development for some of these marginal fields.
"Industry co-operation initiatives will help to foster the sort of inventive ideas, including the sharing of risk and reward, necessary to allow the acceleration of basin development."
Further details, will be presented at the LOGIC - Conference 2000 in Aberdeen on June 8th. Updates, as and when the processes are matured, will be posted on the PILOT and LOGIC websites. | | Contact: | Trisha O'Reilly, PILOT Communications
Tel: 020 7802 2422
Email: toreilly@ukooa.co.uk |
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For all press enquiries please contact:
Trisha O'Reilly at Oil and Gas UK. Tel: 0207 802 2422 Email: toreilly@oilandgasuk.co.uk
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