Opportunity is being created for contractors in the North Sea and could be the "ideal time" to invest in new developments, according to a leading lawyer with expertise in exploration and production and oil and gas service firms.
The UK’s offshore pipelines and terminals were constructed to export production from the owners’ own oil & gas fields. Although tariff income was generated as third party owned fields were tied-back, that income was small relative to the revenue from the infrastructure owners’ own production. The field owners retained ownership of the infrastructure so that they could control the export route for their existing fields and for discoveries and prospects they may wish to develop in the future.
