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ONS: Tax regimes must nurture oil industry
By Lianne Qvale
Realtimenews@ONS
STAVANGER, Norway
Petroleumworld.com 08 24 06The North Sea needs fiscal incentives and a business climate that encourages investment in maturing basins, according to Nick Walker, vice president, Talisman Energy (UK).
Speaking to delegates here at the 17th annual Offshore Northern Seas (ONS) oil show, Walker said governments, in combination with the industry, have a responsibility to ensure that the recovery of hydrocarbons is maximized.
Walker believes that given the right investment climate the North Sea has a long and positive future. "The mature field business is about consolidation, small repeat opportunities, smart technology and alignment," he said. "We need more asset churn to spark new investment, and tax regimes designed to meet the requirements of mature basins," he continued. "Fiscal incentives for exploration, technology, and developments are required to attract and sustain investment in the North Sea."
Talisman Energy has built a major business in the UK by acquiring declining fields from major operating companies, and turning them around to become viable producing assets. They have proven that by fully exploiting acreage around existing facilities, with subsea tie-backs and satellite developments, field life can be extended.
"It is imperative that the industry develops the full potential of the basin before it is decommissioned," he said. "There is also a need to ensure that the growing environmental regulations deliver real benefits, and are streamlined to reduce the regulatory burden on the industry," he said.
The Offshore Northern Seas Web site: www.ons.no.
Realtimenews@ONS 22 08 06
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