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Professor Alex Kemp, Schlumberger Professor of Petroleum Economics at the Univeristy of Aberdeen Business School joins Oil and Gas IQ ahead of the Mature Fields Conference 2011 to discuss the economics of later field life and the challenge of maximising production and extending lifecycle.
Firstly, he outlines the main points to consider when discussing the economics of later field life. He shares his views on how changes in the UK tax rates for oil production will impact on the North Sea and in particular, mature fields. Prof. Kemp then discusses whether this change will call for a reassessment of the economics of implementing production optimisation, such as EOR. The rate of decline in production from UK waters is expected by some to be halved over the next five years – so Prof. Kemp offers his opinion on whether operators will be capable of this or whether a new tax rate will drive them into other areas of the world. Finally, he shares his views on the KP4 audit and decommissioning liabilities.
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