UK listed oil and gas companies recorded more profit warnings in the second quarter of 2020 than in the whole of last year, according to a new report by EY.
Two senior tax professionals have joined the Scottish tax team at EY in the latest announcement of growth and investment by the professional services firm.
The Oil and Gas Authority (OGA) has warned UK decommissioning spending will fall short of estimates over the next two years, bringing concerns of a “significant impact” on suppliers.
While many sectors have recently rediscovered the importance of resilience, it’s always been in the energy industry’s DNA. From hostile physical environments to volatile prices, the sector keeps the lights on for millions of households, whatever the circumstances. So, despite seized-up supply chains and plunging energy prices, the industry has largely endured and overcome the current challenges presented by the Covid-19 pandemic.
Renewables could be a “safer-haven for long-term investment” if the UK continues to shoot up the global clean energy attractiveness index, a new EY report has claimed.
Proposals to introduce temporary amendments to the Norwegian upstream tax regime, put to the Norwegian parliament a couple of weeks ago, and included within the Norwegian budget on Tuesday, have added to calls for fiscal change in the UK to support investment in the UKCS and underpin the oilfield services (OFS) supply chain.
The UK Government has run out of fiscal levers that could be pulled to help the country's struggling oil and gas industry, a tax expert has said.
Despite the uncertainties raging around us, as an industry and as individuals we have adapted quickly to the challenges of lockdown. The return to normal may prove a longer, challenging but potentially rewarding path, believes Jon Clark, EY EMEIA Oil & Gas strategy and transactions leader.
Energy companies are used to weathering disruption of all kinds. And during this incredibly challenging time, we are now more than ever relying on them for the safe access and delivery of power, gas, water and other essential services. As governments around the world enact drastic measures to slow down transmission of the COVID-19 outbreak, energy companies are facing multiple challenges: from the health and well-being of employees to disruption in the supply chain and from working capital shortages to complete closure of operations. They have also been squeezed by a big drop in demand for both oil and natural gas, which has led to lockdowns, a collapse in industrial activity and travel bans all over the world. Oil prices have been sent crashing to their lowest level since 2001, while gas demand has fallen by as much as 20% in some cases.
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.
Offshore platforms in the UK North Sea “face the risk of production shut-ins” due to oil storage constraints, according to leading analysts.
The UK North Sea offshore industry can weather a raging storm in global oil markets, a leading expert said yesterday.
The first quarter of 2020 was a salutary lesson in how quickly long-term trends can be disrupted by current events.
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.
The deferral of a “deeply unpopular” reform with huge implications for North Sea industry is a welcome surprise for many businesses and contractors, tax experts said yesterday.
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.
This is a Budget like no other in recent times. Delayed due to a surprise general election, the first under Prime Minister Johnson, being delivered by a Chancellor appointed less than a month ago, and happening within a challenging geopolitical and economic environment.
The North Sea energy sector is making “eye-opening” progress in the development of hydrogen power, according to top industry bosses in Aberdeen.
Few would doubt that the global energy industry is facing huge challenges as it transitions to a low carbon future. But most would agree that, with the sector’s usual combination of innovation and commitment, these can be overcome.
New figures from EY suggest the Aberdeen labour market will contract slightly every year between now and 2024, while employment in Inverness will grow by 0.3% annually.
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.