Cryptocurrency may be one of the biggest threats to governments, security and the entire financial system that we've ever seen. It can help fund terrorism and its anonymity makes it almost impossible to track. Most importantly, it is poised to revolutionize global finance and banking.
OPEC ministers head to Vienna, Austria, this week for the 173rd meeting of the Organization of Petroleum Exporting Countries. Brent crude prices are up almost 20 percent since the last meeting on May 25, 2017, while those for West Texas Intermediate are up around 10 percent. The Nov. 30 gathering is likely to have a different tone than the last two OPEC meetings because global oil demand has strengthened, inventories have tightened, prices are on the rise and trading technicals appear bullish.
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.
Traditionally the first Budget of a new Parliament might be expected to lay the foundation for the remainder of the parliamentary term, and set out the broad framework of policy that the Government expect to implement.
With a number of North Sea platforms exceeding their profitable life, operators are currently grappling with how best to manage these assets through the decommissioning process.
Being long in the tooth and possessing a healthy scepticism born out of decades of experience I look upon the proposition that Scotland can develop a major decommissioning sector with wry amusement.
With the emergence of digitisation and Big Data, artificial intelligence and the increased use of automation, the oil and gas industry is examining how these advanced, and sometimes disruptive, technologies will play a role in improving performance and securing a long-term future, albeit one that eventually will represent a very different industry from today. Even in the interim, while hydrocarbon fuels still represent a large proportion end product, increased digitisation is driving greater innovation and improving productivity and efficiency in the field.
Global technology challenges today mostly revolve around technologies that will make us ‘perform’ better – namely reducing costs, adding value, increasing efficiencies and maximising our all-round performance as an industry.
Progressive companies will focus on a preventative approach to managing the health risks of its workforce. This isn’t just about ‘doing the right thing’ but it impacts the bottom line.
A coherent and strong health risk management strategy is vitally important in complex and challenging environments such as offshore installations.
Tax relief for the decommissioning of UK oil and gas assets is an issue that has attracted much attention in recent times. The fall in oil price in late 2014 changed decommissioning from a future consideration into a present reality for a number of UK offshore fields, and there are numerous high profile examples of fields ceasing production in the past couple of years with a view to the commencement of decommissioning work.
Following the introduction of UK Government policy reforms in 2015, Defined Benefit (DB) pension-holders from a broad range of industries, including those within the energy sector, are likely to find themselves with much more financial flexibility.
Energy providers are having a tough time at the moment – not only are they facing a super-competitive market, but customer loyalty has more or less vanished. It’s easy to see why: today’s consumers can shop around for the best deals and swap suppliers in less than 10 minutes. And that’s the good news. The Government’s plan to cap standard variable tariffs is only going to make customer retention even harder for suppliers.
As recently as OPEC's last meeting, back in May, several oil ministers were talking quite casually about $50 a barrel as a good price for crude. Don't expect that to be repeated when they convene again at the end of this month.