The Office for Budget Responsibility (OBR) has cut its forecast for North Sea oil tax receipts to the UK Treasury.
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.
Any lingering hopes of a reprieve for North Sea oil workers from an unpopular tax reform were dashed by the Chancellor today.
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.
A new report has lowered forecasts for UK oil and gas revenues by an average of £600million per year to 2024.
Finance Secretary Derek Mackay has pledged to support apprentices by allocating more than £200million to enhance their skills and development.
The oil and gas industry welcomed the chancellor’s announcement on stable tax measures and plans to make Scotland a “global decommissioning hub”.
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.
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.
The UK Treasury has “reaffirmed” the UK government’s commitment to the North Sea in a visit to Aberdeen yesterday.
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.
Nicola Sturgeon has said investing in innovation to increase productivity will be a key focus of the Scottish Budget.
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.
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.
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 has said that ground-breaking new oil and gas tax rules would create a "level playing field" for North Sea investors.
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.
Oil and Gas UK (OGUK) has welcomed the government's decision to introduce transferable tax history for the oil and gas sector.
Oil major Shell said today called the decision to introduce transferable tax history for the oil and gas sector was a positive step forward.
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.
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.
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.
Chancellor Philip Hammond has been branded “out of touch” after he was forced to clarify his remark that “there are no unemployed people”.
As an industry which remains vitally important to the Scottish, and UK, economy, the Scottish Government has long been a vocal champion of North Sea oil and gas.
The north-east's Tory MPs have thrown their weight behind an appeal to the Chancellor to give the oil and gas industry more support in next month’s Budget.