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Gold/Mining/Energy : KERM'S KORNER
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To: Kerm Yerman who wrote (14250)12/12/1998 7:45:00 AM
From: Kerm Yerman  Read Replies (3) of 15196
 
IN THE NEWS / Collaboration The Key Against Oil Slump

TEESSIDE, England, Dec 11 (Reuters) - Rival oil firms must pull together to survive the worst effects of the industry's current price slump, British Secretary of State for Trade and Industry Peter Mandelson said on Friday.

"Competition is a vital spur to competitiveness in the economy but it also makes sense for companies to work together. Collaboration offers to reduce overheads and to improve perfomance," he said.

Mandelson was speaking at the inauguration of the North Sea Britannia gas field, a six-strong joint venture led by U.S. oil firms Chevron <CHV.N> and Conoco <COC.N>.

"It is in all our long term interests that a culture of cooperation is created between companies in the industry and the government," he said.

Crude oil benchmark Brent blend was worth just $9.80 a barrel on Friday after this week crashing into single digits for the first time in 12 years.

Mandelson also said he hoped British companies could secure an even higher proportion of the contract work in future such projects than the 70 percent they managed at Britannia.

And he added that a recovery in the price would not necessarily mean higher taxes on exploration and production in the North Sea.

The British oil industry in September let out a sigh of relief after depressed oil prices forced the government to call off its North Sea oil and gas tax review.

Chancellor of the Exchequer (Finance Minister) Gordon Brown announced then he had called off plans proposed in March for measures such as an extra Corporation Tax or a Petroleum Revenue Tax (PRT) on fields approved after March 1993.
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