In some cases, production costs increase so much that it makes sense not to proceed with oilfielddevelopment, which in turn impacts total oil production globally.
So, the next phase of North Sea and Atlantic development will respond to oil prices being higher and to a tax regime that encourages small fielddevelopment.
As Forbes Southwest Bureau Chief Christopher Helman writes in his article Leviathan OilField Could Sustain Israel For Decades, the development could make big bucks for Noble Energies, its Israeli partner Delek, and billionaire (and Delek controller) Yitzhak Tshuva.