Total is investing £2.5bn to develop entirely the Laggan and Tormore gas fields in the deep North Sea, more than 80 miles West of Shetland. The fields had been ruled too expensive for commercial exploitation, because they are widely dispersed and lie in a highly hostile environment where the sea is 600 metres deep and, in winter, can produce 20 meter-high waves. But recent tax changes aimed at boosting investment in the UK's dwindling North Sea oil and gas sector, and a recessionary drop in industry contracting costs, have changed the economics of the programme, the French oil giant said.
Total is investing £2.5bn to develop entirely the Laggan and Tormore gas fields in the deep North Sea, more than 80 miles West of Shetland.
The fields had been ruled too expensive for commercial exploitation, because they are widely dispersed and lie in a highly hostile environment where the sea is 600 metres deep and, in winter, can produce 20 meter-high waves.
But recent tax changes aimed at boosting investment in the UK's dwindling North Sea oil and gas sector, and a recessionary drop in industry contracting costs, have changed the economics of the programme, the French oil giant said.
yeah, it's all about lower tax rates, and has nothing to do with the fact that oil companies are expect oil to remain above $60 for the long term when, just a few years ago, they invested on the basis of $18 oil... Wind power
