Lower product prices or smaller fields mean that we must be ever more inventive, technically and commercially, in planning the development of oil and gas fields. This is especially important offshore, where costs are significantly higher.

We can claim to have played a major role in pioneering techniques to reduce the cost and risk in developing marginal offshore fields, including:

  Phased development to minimise the capital exposure and risk in incompletely appraised fields.

  Leased production facilities with payment based on production.

  Simplified extended well testing.

  Low-cost pipeline tie-back to existing facilities.

  Fixed equity unitisation agreements.

We can also effectively manage government and joint-venture relations to accelerate development project sanction.  This is an important aspect of field development which is sometimes given insufficient emphasis.