New tax rules aim to end ‘big debate’ on UK decommissioning
New changes for decommissioning tax rules will help end “areas of dispute” between the industry and UK government, according to a leading expert.
budget
Business leaders including Sir Vince Cable react to Aberdeen Budget package
Business leaders, including former Liberal Democrat leader Sir Vince Cable, have welcomed a £30million-plus Budget package for the Aberdeen energy sector.
Budget: RMT calls for £220m annual ‘Just Transition Fund’ for workers
With just hours until the Chancellor’s Budget, the RMT Union has called for creation of a £220million annual “Just Transition Fund” for offshore workers.
OBR cuts forecast for North Sea tax receipts
The Office for Budget Responsibility (OBR) has cut its forecast for North Sea oil tax receipts to the UK Treasury.
Sunak cancels Budget and promises financial package to replace furlough scheme
Rishi Sunak has cancelled this year's Budget and will instead prioritise protecting millions of jobs in sectors hit by the latest Government guidance on Covid-19.
Chancellor dashes any lingering hopes of North Sea reprieve on IR35
Any lingering hopes of a reprieve for North Sea oil workers from an unpopular tax reform were dashed by the Chancellor today.
Nigeria plans budget review after Covid-19 hits oil prices
Nigeria may have to adjust its budget this year after fears of coronavirus pandemic dragged the price of crude under the target set in its 2020 spending plan.
OBR lowers forecast for UK oil and gas revenues
A new report has lowered forecasts for UK oil and gas revenues by an average of £600million per year to 2024.
Scottish Budget investment boost for ‘critical’ apprenticeships
Finance Secretary Derek Mackay has pledged to support apprentices by allocating more than £200million to enhance their skills and development.
Stable tax measures are welcomed by oil industry
The oil and gas industry welcomed the chancellor’s announcement on stable tax measures and plans to make Scotland a “global decommissioning hub”.
Tax expert says nasty surprises for North Sea in upcoming Budget unlikely
The Chancellor is unlikely to spring any nasty surprises on the UK oil and gas industry in next week’s Budget, a tax expert has said.
‘No-deal’ Budget prepared
Philip Hammond has warned that the UK economy will have to strike out in a “different direction” if the Government is unable to agree a Brexit deal with Brussels.
Treasury ‘reaffirms commitment’ to North Sea
The UK Treasury has “reaffirmed” the UK government’s commitment to the North Sea in a visit to Aberdeen yesterday.
Saudi Arabia unveils its 2018 budget: economists’ reaction
Saudi Arabia released its second budget since unveiling proposals to reduce the kingdom’s dependence on oil. Here economists comment on the numbers, prospects for crude prices and the direction of government policy.
Innovation key theme of Scottish Budget, Sturgeon says
Nicola Sturgeon has said investing in innovation to increase productivity will be a key focus of the Scottish Budget.
Oil drilling in Alaska refuge hits snag over Budget protocol
A bid to open the Arctic National Wildlife Refuge to oil drilling faces a hold up over an arcane budget rule, a development that may mean it can’t be included in the tax overhaul legislation.
SNP calls for extra North Sea support measures
The SNP has issued a series of further demands to the UK Treasury to help revitalise the oil and gas sector – claiming the Budget measures “fall short” of the action required.
Opinion: Apart from oil sector tax break, Budget was an anti-climax
As the dust settles on the first Autumn Budget for over two decades, one might reasonably conclude it was, outside of the oil and gas sector, a bit of an anti-climax.
KPMG says oil tax reform ‘levels playing field’
KPMG has said that ground-breaking new oil and gas tax rules would create a "level playing field" for North Sea investors.
Tax break could lead to rush of deals in North Sea
A ground-breaking new tax break for the oil sector will revitalise the North Sea and pave the way for a flurry of deals, industry experts said yesterday.
Budget: OGUK welcomes vital tax reforms for North Sea
Oil and Gas UK (OGUK) has welcomed the government's decision to introduce transferable tax history for the oil and gas sector.
Budget: Tax history reform a ‘positive step forward’, Shell says
Oil major Shell said today called the decision to introduce transferable tax history for the oil and gas sector was a positive step forward.
Opinion: Tax history reform complex, but not impossible
The UK oil and gas industry has good reason to be expectant of further changes to the oil and gas fiscal regime in Wednesday’s Budget.
Opinion: EY’s Derek Leith on what to expect from the Budget
Traditionally the first Budget of a new Parliament might be expected to lay the foundation for the remainder of the parliamentary term, and set out the broad framework of policy that the Government expect to implement.
Opinion: Taking down the decommissioning barrier to M&A
The fall in the world price of crude has been at the centre of a number of obstacles that are currently stifling many North Sea M&A transactions. This factor, along with a lack of acquisition finance and the persistent gap between the price sellers want for assets and the one buyers are prepared to pay, is making valuations hard to land. Where late life assets are concerned, decommissioning liabilities, which can often erode any value in what might otherwise be a viable transaction, are proving another major issue, preventing many deals from getting over the line.