Windfall tax measures announced by Rishi Sunak could "accelerate" major UK oil and gas projects like Cambo and Rosebank, according to experts.
The reduction in fuel duty announced in the Chancellor’s spring statement highlights that in the short to medium term he will have to wrestle with the re-emergence of the energy trilemma: simply put, how does the government address the competing demands of energy affordability, energy security and sustainability?
On July 14, 2021 the EU unveiled its much anticipated ‘Fit for 55’ package of proposals to align the trading block with its 2030 emission reduction targets.
The EU Commission has announced a package of measures to enable the trading bloc to meet its 55% greenhouse gas emission reduction target that it has set itself for 2030.
The person in the street may not regard the 19th of May as a date of any real significance.
The “stage is being set” for a UK North Sea recovery from the second half of this year, according to the flagship oilfield services report (OFS) from EY.
New changes for decommissioning tax rules will help end “areas of dispute” between the industry and UK government, according to a leading expert.
Westminster is being urged to ensure that plans for net zero remain a “top priority” for businesses and society in its upcoming spring budget.
Earlier this month saw the EU Emissions Trading Scheme (EU ETS) daily carbon price hit €40. The EU ETS has been in place since 2005 and covers power and heat generation; energy-intensive industry sectors (including oil refineries, steel works and production of iron, cement, etc); and commercial aviation. For many years the carbon price traded below €10 but since 2018 the price had increased more than three-fold.
Economists have long been familiar with the concept of “negative externalities”, which may be defined as a cost that is suffered by a third party as a consequence of an economic transaction.
Experts from EY, Wood Mackenzie and NorthStone Advisers say setting renewable energy targets will be high on oil and gas firms' agendas.
Norway has outlined plans for “extremely rare” changes to its tax regime to save the crisis-hit oil industry which would be “very welcome” for UK firms, according to an expert.
The UK North Sea offshore industry can weather a raging storm in global oil markets, a leading expert said yesterday.
The “extremely challenging” conditions presented to the North Sea industry “emphasises the need” for the government’s promised oil and gas sector deal, according to EY.
Investing in capital markets is, speculators aside, a long- term play. When times are good investors can relax and take pleasure in their investment prowess; when times are bad investors need to remind themselves, they are in for the long term, and play to the fundamentals.
A leading analyst has described it as “disappointing” that the Chancellor that put a vital net zero technology lower down his list of priorities than repairing potholes.
Forecasts for the UK's North Sea tax receipts have been halved for the next financial year, but the recent oil price plummet could have an even more drastic impact.
A lack of any change – even any mention – of oil and gas is a “welcome move” from the new Chancellor’s budget, according to a leading analyst.
The oil price freefall means projections for the UK’s North Sea revenues are already out of date before the Budget is even published, according to a leading analyst.
In a year when the UK will come under intense global scrutiny of its climate change policies, merger and acquisition activity in the basin will have energy transition as a new factor to contend with.
A report out today from EY says “green shoots” of recovery in the UK oilfield services (OFS) sector are struggling to flourish.
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.
The oil and gas sector needs clarity on the UK’s withdrawal from the European Union “pretty darn pronto”, an industry expert said today.
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.
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.