Professor Peter R. Odell M.A., Ph.D., F.Inst.Pet., F.R.S.A

Contents:

Terms of Reference

An Overview of Developments and the Companies involved

The Strategic Importance for the Companies

The Political Importance of the Atlantic Frontier for UK Policy

The Relevance of the UK Tax Regime for Atlantic Frontier Developments

Other Key Issues

List of Figures

• Offshore Hydrocarbons: Maximum Water Depths for Exploration and Production, 1945-1993 [Source: Shell]

• The North European Atlantic Frontier [Source: Statoil]

To provide, by the end of the third week of December 1996, an initial study of Atlantic Frontier oil developments. The study is to include:

1. An overview of the developments to date and of the companies involved.

2. The strategic importance of these developments, within an international context, for the companies involved.

3. The political importance of the developments within the context of UK policy.

4. A brief analysis of the relevance of the UK Taxation regime for the companies involved.

5. An indication of other key issues which appear relevant to the developments.