North Sea

North Sea

Guest Editor: Derek Leith – The difference a year makes

14/03/2016

As anticipated 2015 proved to be a difficult year for both oil and gas companies and the supply chain companies that make up the oilfield services sector. The average price of a barrel of Brent crude in 2015 was $52.35 dollars, less than half of the average price for the years 2011 to 2013, and a little over half the average price for 2014. The average to date for 2016 has fallen further to $30.70 per barrel, less than the average Brent price for each of the years 1979 to 1982 even in nominal terms!

North Sea

Swinney warns Chancellor against ‘unnecessarily stringent’ fiscal targets

14/03/2016

Scotland’s Deputy First Minister has warned the Chancellor against continuing to pursue “unnecessarily stringent fiscal targets” ahead of the Budget on Wednesday. John Swinney urged George Osborne to instead use limited borrowing to stimulate economic growth, after the Chancellor paved the way for fresh spending cuts, stating that savings equivalent to 50p in every £100 the Government spends need to be found by 2020.

North Sea

Oil and gas revenues drop by 55% in a year, figures show

09/03/2016

Revenues from North Sea oil and gas fell by more than 50% last year, with Scotland having a higher rate of fiscal deficit than the rest of the UK, new figures have revealed. The Scottish Government published its latest data on revenue and expenditure, which showed a deficit of £14.9 billion for 2014-15, when a geographic share of North Sea revenues is allocated to Scotland.

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