Nuanced net zero strategy sets course, but more funding is needed – and fast
Reaction to the UK Government’s net zero strategy has been rather muted. Some reports call it “underwhelming” or “disappointing”, but are they being unfair?
Derek Leith
EY in Aberdeen: Tax expert Derek Leith to step down after nearly 30 years
One of the north-east energy sector’s top tax experts is heading for the exit door at EY after nearly three decades at the global professional services giant.
Windfall tax measures could ‘accelerate’ major UK oil projects like Cambo and Rosebank
Windfall tax measures announced by Rishi Sunak could "accelerate" major UK oil and gas projects like Cambo and Rosebank, according to experts.
Fuel duty cut highlights uncomfortable truths of the energy trilemma
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?
Radical changes proposed to the EU Carbon Border Adjustment mechanism
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.
EU CBAM will create complexities for supply chains
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.
May 19: The end of Anne Boleyn… and the start of the UK ETS
The person in the street may not regard the 19th of May as a date of any real significance.
‘Stage being set’ for North Sea recovery, says flagship EY report
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 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.
Calls for UK Government to put net zero at heart of upcoming spring budget
Westminster is being urged to ensure that plans for net zero remain a “top priority” for businesses and society in its upcoming spring budget.
The impact of carbon pricing on the UK
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.
Carbon Prices – a key lever to accelerate the energy transition
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.
Huge year for establishing UK oil industry’s net-zero credentials, experts say
Experts from EY, Wood Mackenzie and NorthStone Advisers say setting renewable energy targets will be high on oil and gas firms' agendas.
Norway’s rare tax changes to save oil industry would be ‘very welcome’ in UK, says expert
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.
North Sea can weather oil market storm, tax expert says
The UK North Sea offshore industry can weather a raging storm in global oil markets, a leading expert said yesterday.
Extremely challenging conditions for North Sea emphasises the need for sector deal, says EY
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.
Oil and Gas: Holding your nerve?
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.
‘Disappointment’ as Chancellor puts CCS lower down pecking order than potholes
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.
OBR halves UK’s forecast for North Sea revenues – could be even lower due to oil price drop
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.
Budget 2020: No change for oil and gas is ‘welcome move’
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.
Budget forecasts on North Sea revenues will be ‘wrong’ due to oil price freefall
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.
The North Sea is selling but who is buying? Look outside sector
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.
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.
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.