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The oil price freefall means projections for the UK’s North Sea revenues are already out of date before the Budget is even published, according to a leading analyst.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.
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.
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.
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.
A top north-east accountant has been appointed as EY’s global oil and gas tax lead.
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 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.
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.
The Chancellor's pledge to reform oil and gas tax law could help revitalise the North Sea, an industry tax expert said.