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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
We'll be bringing you all the latest from today's 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.
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.
Chancellor George Osborne missed a golden opportunity to announce that the North Sea was open for business when he failed to simplify the tax regime for the oil and gas sector, according to leading industry expert Derek Leith of EY.
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.
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.
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!
A leading oil and gas tax expert has called on Chancellor George Osborne to make changes to the North Sea oil and gas tax regime which could put off potential buyers of late life assets.
At the start of the year there was a growing sense of trepidation as to what the next 12 months may hold for the sector due to an acceleration of the downward trajectory of the oil price in the second half of 2014.
With the Autumn Statement announced this week, Derek Leith, UK head of oil and gas taxation at EY, continues in the role of Energy Voice’s guest editor. Follow along each day as he spells out the challenges and triumphs the industry faces.
Chancellor George Osborne gave the North Sea oil and gas industry a clear signal that it will have to become its own saviour - by saying nothing about it in his Autumn Statement.