How Governments Manage Their Offshore Petroleum Resources
Chapter 6: Economic recovery and good oilfield practice
This chapter looks at the concepts and tests, particularly economic tests, used to guide licensing systems and seeks to find if there is any common ground. The chapter starts by comparing the Australian, Norwegian and UK approaches. The Australian approach is based on following good oilfield practice and optimum long-term recovery, both of which are examined in this chapter. The Norwegian system is based on high-level principles including what this book calls the Prudent Production Principle, which is also examined – so too is the UK approach contained in MERUKS which relies on maximising economic recovery of UK petroleum, but subject to safeguards including one of protecting ‘satisfactory expected commercial return’. This chapter also examines ideas of efficient recovery and waste developed in the US.
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