UKOOAOffshore Operators Association (UK)
UKOOAUnited Kingdom Offshore Operators Association
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Figures released by the UKOOA indicate that the additional tax the industry will pay after the 33pc rise in Corporation Tax will be pounds 8bn over the next eight years.
The importance of key primary drivers influencing technological requirements should not be underestimated and these drivers include: New regulations, for example, those governing environmental and safety situations must be adhered to; changes in Operating Conditions such as deep waters, hostile seas and shrinking reservoirs add to the nature of the problems to be faced; the overall drive towards Cost Effectiveness through CRINE (UKOOA, 1994) which seeks to promote a number of improvement measures including standardisation and waste minimisation.
You have to bring the contractors into UKOOA.'" They turned out to be prophetic words but Webb's first objective was to make UKOOA work.
Malcolm Webb, UKOOA's chief executive, said: "The Treasury clearly recognizes that lower taxes are good for business, but unfortunately fails to apply that principle to our industry.
North Sea industry body the UK Offshore Operators Association (UKOOA) said Mr Brown's last tax rise in 2002 had hit investment and that a further increase would lead to an "exodus" of drillers fromthe UK continental shelf.
Because of the involvement of the major operators like BP and Shell through their United Kingdom Offshore Operators Association (UKOOA) an added value to the visit was networking with key senior personnel in the decision making process.
James May, director general of the industry's governing body the UKOOA, said: "In a few years, the Government may find itself in another revenue squeeze and come back for a further slug of money."
Butthe UKOOA study says production this year will fall by 250,000 barrels a day - losing the Treasury pounds 1 billion in taxes.
As oil prices continued to edge up again - Brent was up $1.85 to $50.62 a barrel, while US light crude jumped more than three per cent, up $1.71 to $55 - UKOOA commercial director Mike Tholen said: 'The UK market for gas is very heavily tied to oil prices.
The UK OffShore Operators Association (UKOOA), the representative organization for oil and gas production companies, is encouraged by the overall decline in the number of injuries and dangerous occurrences on North Sea installations, as reported by Britain's Health and Safety Commission (HSC) and the Health and Safety Executive (HSE).
The UKOOA is upbeat in its 2004 Economic Report ( Maximising Britain's Oil and Gas Resource ( stressing that investment in the field will increase by 10pc this year.