Oilfield service sector margins ‘stubbornly depressed’, EY report says
A report out today from EY says “green shoots” of recovery in the UK oilfield services (OFS) sector are struggling to flourish.
Derek Leith
Aberdeen infrastructure investment pipeline takes £1.7bn leap
The total sum of cash earmarked for infrastructure projects in and around Aberdeen between now and 2030 has rocketed by £1.7 billion to more than £10bn during the past year, new figures show.
Let’s get Brexit resolved ‘pretty darn pronto’, de Leeuw says
The oil and gas sector needs clarity on the UK’s withdrawal from the European Union “pretty darn pronto”, an industry expert said today.
HMRC launches new Profit Diversion Compliance Facility
On 10 January 2019, HMRC launched a new Profit Diversion Compliance Facility (PDCF) aimed at multinational enterprises who have used cross-border arrangements that HMRC considers may result in an artificial reduction in UK profits, including arrangements targeted by the Diverted Profits Tax (DPT) legislation.
North Sea industry hopes oil settles at $60-70 for longer
Oil prices settling in a sweet spot of $60-70 per barrel would give North Sea firms more confidence to kick on with investment plans, industry experts have said.
Oil sector to ‘feel the heat’ over changes to contractor pay rules, says tax expert
The oil and gas sector is bracing for the “extensive impact” of changes to off-payroll working rules announced in the chancellor’s budget, according to a tax expert.
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.
Aberdeen due for £8.4bn investment by 2030
A global expert has claimed Aberdeen’s diversification and regeneration is “paying dividends” as it was announced £8.4 billion of public and private investment is due to be delivered to the north-east before 2030.
Aberdeen tax expert named EY’s global oil and gas lead
A top north-east accountant has been appointed as EY’s global oil and gas tax lead.
Majors’ exit from parts of North Sea ‘not a bad move’, EY tax expert says
Major oil and gas operators may withdraw from less profitable parts of the North Sea over the next year but that shouldn’t be viewed as a bad move, according to one of the industry’s leading economists.
The year the UK oilfield services industry came back from the brink
The expression ‘cautious optimism’ continues to dominate the oil and gas sector, and over the course of the past 12 months the pendulum has swung back and forth between these two words.
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.
Budget: Tax reforms could revitalise North Sea, EY’s Derek Leith says
The Chancellor's pledge to reform oil and gas tax law could help revitalise the North Sea, an industry tax expert said.
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.
EY’s Derek Leith: All change..except the oil price
As we approach Offshore Europe 2017, it’s worth considering the progress that the oil and gas sector has made in the UK since the previous conference in 2015.
Politics can shift, but North Sea priorities unchanged, EY tax expert says
The next UK Government will have to “push hard” to make sure mature North Sea assets end up in the right hands, a top tax adviser said.
EY’s Derek Leith: North Sea decomm tax relief broken down
While the North Sea is far from being on its last legs, the collapse in the price of oil and the high cost of running ageing infrastructure does mean that production is becoming uneconomic in an increasing number of fields. This has brought decommissioning activity into sharp focus, for upstream producers as well as the supply chain. Similarly, the subject of decommissioning tax relief has attracted much press coverage in recent months.
Stay in the know with Energy Voice’s Friday Five
Catch-up on all the week’s top news with Energy Voice’s Friday Five. Scroll through our gallery to see what oil and gas tax specialist and EV’s guest editor Derek Leith chose as his top picks of the week.
EV Guest Editor Derek Leith: Hard work lies ahead to reform North Sea tax relief
It’s fair to say Philip Hammond’s first (and last) Spring Budget as Chancellor followed the same approach as his first (and last) Autumn Statement – no vote-grabbing gimmicks, no rabbits out of the hat, steady as she goes.
Chancellor delivers hope for North Sea
The Chancellor to the Exchequer has delivered hope for late life North Sea assets and the firms who will be tasked with their decommissioning, according to an industry expert.
EV Guest Editor: Derek Leith – This is not the oil and gas budget
The Budget on March 8, follows hot on the heels of the Autumn Statement on November 23. It is also the first of two Budgets we can expect this year as the UK transitions to an autumn rather than spring budget timetable. Usually it’s only election years during which two Budgets are delivered, but this year is an exception.
EY ‘cautiously optimistic’ for UK oilfield service sector
A combination of more stable oil prices and signs of new investment have provided grounds for “cautious optimism” for the UK oilfield service sector, according to analysis published by EY today.
Autumn Statement 2016: Live updates
We'll be bringing you all the latest from today's Autumn Statement.
EY Guest Editor: Derek Leith on what to expect from the Autumn Statement
EY’s Derek Leith explains why it is unlikely we will see any further changes to the North Sea fiscal regime in the Autumn Statement 2016. However, the oil and gas industry will have huge interest in what the Chancellor has to say on the many other pressing issues affecting the wider economy.
EY Guest Editor: Derek Leith on the oil and gas outlook
Pausing to review the landscape ahead of Philip Hammond’s debut statement as Chancellor, it is difficult to imagine a more challenging set of circumstances for him to deal with.