ConocoPhillips to reduce capital budget by 4%
ConocoPhillips said it will reduce its capital budget by 4% to $5billion next year as it looks to cut costs.
budget
Opinion: Critical to tackle the collapse in investment
Oil and gas companies have made significant in-roads into reducing the cost of production, but this is in the context of some of the highest operating costs in the world. With the oil price falling from the highs of above $100 a barrel in the summer of 2014, those cuts alone cannot go far enough and real fiscal stimulus is needed to drive renewed investment.
Budget 2016: OBR figures predict revenues from oil and gas to be negative for next five years
Revenues from UK oil and gas are expected to be negative for the next five years, according to the Office for Budget Responsibility’s forecast.
Budget 2016: Statoil says measures “positive signal” for the UKCS
Norwegian operator Statoil said the measures implemented yesterday by the UK Government were a "positive signal" for the UKCS.
FTSE 100 rallies after cautious welcome to Budget
The London market was on the front foot as traders reacted to Chancellor George Osborne’s eighth Budget with a cautious welcome.
Opinion:UKCS doesn’t need hand-outs, it needs a tough-minded business approach
Several years ago I spent time in Australia. Visiting a North Queensland mining community I fell into conversation with an engineer who said something to the effect that one of the biggest problems for the industry Australia-wide was the inability to fight ballooning costs and wage inflation. His further comment was even harder hitting. There were just too many people on the payroll, and too many people very well paid to perform slight-to-unimportant tasks.
Opinion: Budget was ‘hodgepodge’ of measures
The Budget this week was a hodgepodge of measures for the economy with some moves being made to help the oil and gas industry, however, yet again prime opportunities have been missed by the Chancellor to make a more substantial positive impact on the sector.
Budget 2016: SNP brands oil and gas measures “missed opportunity”
The SNP branded George Osborne’s Budget a “missed opportunity” last night and accused him of “lacking the vision” to bring forward a long-term strategy for the North Sea.
Budget 2016: “Shot in the arm” for North Sea oil and gas industry
Chancellor George Osborne delivered a £1billion “shot in the arm” to the struggling North Sea yesterday.
Osborne’s 2016 Budget: Winners and losers
WINNERS:
Budget 2016: Aberdeen MP calls tax measures ‘mixed bag’
A raft of new measures brought in to support the North Sea oil and gas industry have been described as a "mixed bag" by an Aberdeen politician.
Budget 2016 Video: EY’s Derek Leith reacts to North Sea measures
EY's head of oil and gas taxation gives his quick round-up of the changes made by the UK Government to support the North Sea oil and gas industry.
Budget 2016: Oil majors react to raft of North Sea oil and gas measures
Oil major's BP and Shell have backed the changes implemented by the UK Government to help support the North Sea oil and gas industry amid the global decline in oil price.
Budget 2016: Tax reductions will “significantly” help North Sea
The changes made by Chancellor George Osborne in today's budget will "significantly" help the UK oil and gas industry, according to a leading legal expert.
Budget 2016: Shell VP says changes step in “right direction”
Oil major Shell's vice president from Upstream in the UK & Ireland said changes brought in by the government are a "step in the right direction" to help the North Sea oil and gas industry.
Budget 2016 Live
Energy Voice will bring you budget news as it happens. Check back later today for all of the industry reaction and tomorrow for in-depth analysis.
Budget 2016 Guest Editor: C’mon Osborne we need….
In yesterday’s article I set out the backdrop of a collapsing commodity price, high cost base, and tightening debt and equity markets for the oil and gas sector as the context of calls for fiscal change in the Budget tomorrow – today I explain the need for a low, simple and transparent tax rate.
Budget 2016: Osborne could put an end to freelancer tax loophole
New measures to plug a tax loophole widely exploited in the public sector to disguise employees as freelancers could be used to tackle similar practice in the oil and gas industry.
Guest Editor: Derek Leith – The difference a year makes
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!
Swinney warns Chancellor against ‘unnecessarily stringent’ fiscal targets
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.
Budget 2016: Budget to close tax loophole which disguises employees as freelancers
A tax loophole widely exploited to disguise employees as freelancers will be reformed in George Osborne’s Budget next week.
Osborne told to “step up to the plate” and help industry ahead of Budget
The chancellor is also facing calls from north-east politicians to "step up to the plate".
Osborne issued rallying call to help North Sea industry
The chief executive of Oil & Gas UK issued a rallying call to the chancellor today for measures in this month’s Budget to prove he has confidence in the future of the beleaguered sector.
Saudi Arabia set to announce 2016 budget amid oil plunge
Saudi Arabia, seeking to cope with the lowest oil prices in more than a decade, may announce cuts in capital spending and other economic measures for next year as it unveils the first annual budget under King Salman. Key officials, including Finance Minister Ibrahim Al-Assaf and Economy and Planning Minister Adel Fakeih, are scheduled to discuss the budget and outline the kingdom’s economic policy at a news conference on Monday in Riyadh. An official from Saudi Arabian Oil Co. will also attend. While the government may reduce capital expenditure, it’s unlikely to reduce spending on healthcare, education or major infrastructure projects, according to Fahad Al-Turki, the Riyadh-based chief economist at Jadwa Investment.
EV Insights: Energy Voice’s top videos of 2015
Take a look back at some of Energy Voice’s most watched videos from the past year.