‘Marginal’ Fields – High-Cost Fields in a British Policy Context

The industry policy statement was unequivocal: ‘Most new fields in the small and medium categories will not be developed’, it stated, ‘if the Petroleum Revenue Tax is levied. The industry can foresee no likelihood of a reduction in exploration and development costs in the near future nor a rise in crude oil prices in real terms. There will be less and less incentive to explore for smaller fields’. ¹