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Article: Enterprise looks for an exit: North Sea oil.
- Article from:
- The Economist (US)
- Article date:
- June 25, 1994
CopyrightCOPYRIGHT 1994 Economist Newspaper Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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WHETHER Enterprise succeeds or fails in winning Lasmo, the North Sea will emerge looking all the worse for it. Over the past two decades those cold, grey waters have been the spawning ground for many British exploration and production companies, of which Enterprise and Lasmo are two of the most prominent. Enterprise's offer for Lasmo, which closes on July 1st, is the clearest sign yet that such a mature oil province can no longer sustain the growth of large companies. That the offer, currently worth Pounds 1.7 billion ($2.6 billion), looks likely to fail merely makes the need for exclusively North Sea companies to look further afield seem all the more urgent.
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