Abstract
The UK government now has very considerable legislative powers to control oil and gas depletion from North Sea fields. The authors examine here the possible effects of the use of these powers. They set up hypothetical models which allow investigation of a number of possible depletion control policies operated in the context of three possible world energy scenarios. They conclude that operation within guidelines so far specified by the UK government would not seriously affect the profitability of the larger fields but that some smaller fields might be more adversely affected. Extra uncertainty and extra cuts seem bound to be generated by depletion control.
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