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Derek Leith

Opinion

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.

Opinion

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.

Opinion

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.

North Sea

Guest Editor: Derek Leith – The difference a year makes

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!

Opinion

Autumn Statement 2015: Unfinished business?

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.