As the IOCs are moving now towards fulfilling the requirements of the rehabilitation and preliminary development plans of the first phase of the contracts of the mega projects starting to prepare enhanced and final development plans for the second phase and ramping up of production towards the PPTs, many discussions arose and opinions were expressed about the need, or otherwise, for revising the PPTs downwards, increasing the time allowed to reach them, extending their durations, and even revising the remuneration fees through a renegotiation of the contracts, owing to the difficulties encountered and lessons learnt during the past two years, whether real or not.
From a keynote address to the European Association of Geoscientists & Engineers in Istanbul, April 2012.