The UK oil industry in 1992-93

A review is presented of the fortunes of the United Kingdom oil industry for the year 1992-1993. Recent achievements in dealing with competition and growing costs are noted. Relationships between the oil industry and policy makers, both at national and European Community level will need to be based on realistic understanding of the industry and the complex issues it faces. Although the offshore oil and gas industry has enjoyed considerable success since the mid-1960s, recent structural change and market liberalization means that it now faces challenges which require even closer cooperation between government and the industry itself to be achieved. (UK)