THE OIL PRICE CRISIS AND ITS IMPACT ON SCOTTISH NORTH SEA DEVELOPMENT 1986-1988

1993 ◽  
Vol 13 (1) ◽  
pp. 56-71
Author(s):  
W.J. Pike
Keyword(s):  
North Sea ◽  
Oil Price

The Forties and Brimmond Fields, Blocks 21/10, 22/6a, UK North Sea

2003 ◽  
Vol 20 (1) ◽  
pp. 557-561 ◽  
Author(s):  
A. Carter ◽  
J. Heale
Keyword(s):  
North Sea ◽  
Low Cost ◽  
New Technology ◽  
Horizontal Wells ◽  
Oil Price ◽  
3D Seismic ◽  
Rotary Drilling ◽  
Geological Society ◽  
Recoverable Reserves ◽  
Infill Drilling

AbstractThis paper updates the earlier account of the Forties Field detailed in Geological Society Memoir 14 (Wills 1991), and gives a brief description of the Brimmond Field, a small Eocene accumulation overlying Forties (Fig. 1).The Forties Field is located 180 km ENE of Aberdeen. It was discovered in 1970 by well 21/10-1 which encountered 119 m of oil bearing Paleocene sands at a depth of 2131 m sub-sea. A five well appraisal programme confirmed the presence of a major discovery including an extension into Block 22/6 to the southeast. Oil-in-place was estimated to be 4600 MMSTB with recoverable reserves of 1800 MM STB. The field was brought onto production in September 1975. Plateau production of 500 MBOD was reached in 1978, declining from 1981 to 77 MBOD in 1999.In September 1992 a programme of infill drilling commenced, which continues today. The earlier infill targets were identified using 3D seismic acquired in 1988. Acquisition of a further 3D survey in 1996 has allowed the infill drilling programme to continue with new seismic imaging of lithology, fluids and saturation changes. The performance of the 1997 drilling showed that high step-out and new technology wells, including multi-lateral and horizontal wells, did not deliver significantly better targets than drilling in previous years.In line with smaller targets, and in the current oil price environment, low cost technology is being developed through the 1999 drilling programme. Through Tubing Rotary Drilling (TTRD) is currently seen as the most promising way of achieving a step

The Thistle Field, Blocks 211/18a, 211/19a, UK North Sea

2003 ◽  
Vol 20 (1) ◽  
pp. 383-392
Author(s):  
A. M. Brown ◽  
A. D. Milne ◽  
A. Kay
Keyword(s):  
North Sea ◽  
Late Stage ◽  
Full Range ◽  
Late Life ◽  
Oil Price ◽  
Success Story ◽  
Price Fluctuations ◽  
Cost Cutting ◽  
Economic Production ◽  
Cumulative Production

AbstractCumulative production of oil from the Thistle Field had reached almost 400 MMBBL by the end of 2000. Thistle is a success story and has been producing for over 20 years. It is now in its late stage of field life and is close to achieving a 50% recovery factor of its estimated 824 MMBBL STOIIP. The millennium challenge is to continue economic production and further increase reserves recovery. It has survived the full range of oil price fluctuations with all the accompanying cost cutting initiatives in late life becoming the benchmark for end of field life performance.

Oil Prices and the Economy

1986 ◽  
Vol 116 ◽  
pp. 38-44 ◽  
Author(s):  
Stephen Hall ◽  
Brian Henry ◽  
Rhys Herbert
Keyword(s):  
Exchange Rate ◽  
North Sea ◽  
Oil Prices ◽  
Oil Price ◽  
Relative Price ◽  
Supply Side ◽  
On Demand ◽  
Oil Market ◽  
Oil Sector

Although there is some uncertainty about the prices at which trading takes place on the oil market, there is no doubt that the falls in oil prices since the early part of this year amount to one of the most significant economic events of the 1980s. If falls of such magnitude are maintained, investment plans in the oil sector, and depletion policy, could be affected. Furthermore, other supply-side changes may be set in train, due to the relative price (of oil to other fuels) change, and switches in profitability from the oil sector to other sectors of the economy. There are other, more immediate and quantifiable effects of oil price changes however: on demand, on the exchange rate and on prices. In this note we will offer estimates of the second set of effects, abstracting from effects on North Sea oil investment, and from any effects that improved profitability of the non-oil sectors of the economy may exert on investment apart from those associated with the increase in macroeconomic activity. A ‘no change’ assumption for oil investment is made for convenience, and to ease comparison with other simulations reported subsequently in Section 3. As for investment in the non-oil sector, our econometric work has failed to detect an influence for company profits once full allowance is made for expected future sales by this sector.

Monetary policy and the effect of the transfer of oil prices to inflation

2020 ◽  
pp. 41-50
Author(s):  
Ph. S. Kartaev ◽  
I. D. Medvedev
Keyword(s):  
Monetary Policy ◽  
Inflation Targeting ◽  
Dynamic Models ◽  
Oil Prices ◽  
Oil Price ◽  
Oil Price Shocks ◽  
Negative Effects ◽  
Price Shocks ◽  
Policy Regime ◽  
The Impact

The paper examines the impact of oil price shocks on inflation, as well as the impact of the choice of the monetary policy regime on the strength of this influence. We used dynamic models on panel data for the countries of the world for the period from 2000 to 2017. It is shown that mainly the impact of changes in oil prices on inflation is carried out through the channel of exchange rate. The paper demonstrates the influence of the transition to inflation targeting on the nature of the relationship between oil price shocks and inflation. This effect is asymmetrical: during periods of rising oil prices, inflation targeting reduces the effect of the transfer of oil prices, limiting negative effects of shock. During periods of decline in oil prices, this monetary policy regime, in contrast, contributes to a stronger transfer, helping to reduce inflation.

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