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KPMG

Oil & Gas

September saw largest three-day gain in Brent price since 1990

Brent prices jumped by $11 in the month of September marking the largest gain in three days since 1990, according to a market update. The latest findings from KPMG showed volatility in the oil markets has persisted in August and mid-September brought on by China’s financial slump and its wider effect on the markets. The price jump per barrel was influenced by speculation of an OPEC production cut.

Oil & Gas

Watch out for supply chain fraudsters, KPMG warns

Oil and gas supply chain firms are being urged to be vigilant after evidence of a growing number of fraudsters trying to exploit online payment processing systems. KPMG said it had seen a rise in the number of businesses being targeted by criminals seeking to substitute their own bank details for those of genuine companies. The oil and gas industry, with its extensive and complex supply chain, is deemed to be particularly at risk as a variety of legal and illegal means are used to identify suppliers and their customers.

Oil & Gas

Oil and gas firms guilty of overspending, KPMG says

A KPMG audit of UK oil and gas industry contracts has revealed widespread overbilling at the same time as firms are trying to slash costs. The professional services firm said 70% of the 10,000 deals it looked at were not properly complied with, leading to regular overcharging. KPMG put the cost of unnecessary spending at between 1% and 5% of “high-risk” investments, meaning a significant level of unnecessary spending on a supply chain worth up to £35billion a year.

Oil & Gas

Oil and gas industry “struggling” despite positive outlook for Scots business overall, KPMG says

The number of companies going bust in Scotland fell in the second quarter compared to the same period last year but was up compared to the first three months of 2015, new figures show. But while professional services firm KPMG said the figures were “positive for the majority of businesses”, it warned that the oil and gas industry is continuing to “struggle” due to the oil price slump. The food and drink, construction and care homes sectors are also faring comparatively poorly, according to the latest Scottish insolvency figures from KPMG.

Events

KPMG to discuss “doing business” in the Middle East

Professional services firm KPMG will discuss 'doing business' in the Middle East at an event in Aberdeen this week. The seminar, held by tax leaders from the firm's offices in Oman, Saudi Arabia, United Arab Emirates and Kuwait will explore opportunities and challenges to doing business in the region with a special focus on the oil and gas industry.

Renewables/Energy Transition

Staff at Pelamis made redundant

Wave power company Pelamis has made its remaining staff redundant after no final offers were made for the business. Highlands and Islands Enterprise has been selected as the preferred bidder to take over the company’s assets. Administrators were called in last month after Pelamis failed to secure enough funding to develop its technology.