It was only late last month that Oil & Gas UK released its Economic Report 2014, which we hope provides the definitive guide to the current status and future prospects of the offshore oil and gas industry in the UK.
Last month, I discussed the challenge of the severe weather associated with hurricanes. We were reeling after an early storm struck Scotland, with some rigs in the North Sea recording 9m (30ft) seas. Since then we have been enjoying a warm, dry September, though sea-fog impacted offshore flights.
Well, that's that - it's over - and I mean over.
As conventional oil and gas reserves have declined across the world, more and more operators are turning their attentions towards unconventional reserves.
Ground-breaking research to measure offshore workers' body size and shape with 3D scanners and which was started in 2012 is nearing completion.
HeliOffshore, a global safety-focused organisation formed by major providers of offshore helicopter transportation, has gone live and will be formally launched this month.
Total trade between the UK and Kenya has risen to £1billion this year, according to UK Trade and Investment figures. The internal Oil and Gas market in Kenya is poised to develop, creating waves of optimism. Steady streams of opportunities have opened up across Africa in the last decade. Oil and Gas exploration is becoming increasingly important to East Africa, which until this decade has been in the shadow of both West Africa and North Africa. The Kenyan government has recently taken steps to safeguard its tax return from hydrocarbon and mining industry activities. The Kenya Finance Bill 2014 has been passed by the Kenyan Parliament and agreed by President Uhuru Kenyatta. It means that capital gains tax (CGT) has been reintroduced for the first time in nearly 30 years. The standard rate of CGT in the country will be 5%, but the Oil and Gas sector will be taxed at 30% or even 37.5% depending on the company’s tax residency status. Introduction of the CGT means that the previous withholding tax regime is now abolished and popular ‘farm-out’ agreements, which are between resource owners and outside companies providing services, can be completed in a more tax effective way. These transactions are currently taxed at 10% or 20% of the gross investment with deductions. From 2015, a company making an acquisition will be taxed at 30% on the net gain once the initial cost of acquisition is deducted from the sales value. An amendment may be made to future finance bills to include the additional costs incurred up until the time of sale.
An oil company has launched an interactive game in a bid to recruit fresh talent to its team.
Helicopter safety update to take place in Aberdeen
It took only two days to choose the Pope. Where is the new energy regulator?
Subjects such as science, technology, engineering and mathematics are the “bedrock” for innovation in business and industry, according to helicopter firm AgustaWestland. The Anglo-Italian company said education was key to it meeting the aircraft needs of commercial and military customers around the world.
Sir Ian Wood sought to clarify his views on how much oil is left in the North Sea at awards ceremony in Aberdeen last night.
Scottish Renewables today set out its post-referendum 'devolution asks'.
The waiting is over. Scotland has voted ‘No’ to independence.
The oil and gas industry is a fundamental part of the Scottish and UK economy, a fact only highlighted through the referendum campaign. It is therefore important that the governments work together to swiftly implement the recommendations of the Wood Review to minimise uncertainty and create an environment for maximising the recovery of oil and gas in the North Sea, for the long term benefit of the UK and communities in which these businesses operate. The industry must also continue to focus on cross-sector efforts to bring escalating costs under control to protect and enhance the long term prospects of the industry and thereby the Scottish and UK economies as a whole.
Sir Ian Wood, whose intervention in the independence debate caused such a stir after he questioned Scottish Government figures for future oil production, said the electorate had "chosen the best of both worlds".
REVISED 14.00 FURTHER REVISED 17.40 TO TAKE ACCOUNT OF SALMOND RESIGNATION
Growing up in California, politics was something we discussed openly as a family around the dinner table, and I can still clearly recall the overwhelming sense of pride I had when I cast my first ever ballot as a registered voter.
Scotland has decided and our position as a valuable partner within the United Kingdom continues. But even before the dust settles, it is vitally important that both the Scottish and UK Governments join together to send out an unequivocal message that Scotland is very much open for business.
As a firm supporter of the 'Yes' campaign I couldn't be more disappointed with the outcome of the referendum.
Congratulations to Alistair Darling for holding on to secure a ‘no’ outcome for the better together camp in the face of a fierce battle by Alex Salmond’s troopers.
For most, the day came and went; that same Monday morning feeling, discussions about the weekend, goodbyes before going offshore again. But for a few, the day had been at the top of minds for months.
The boss of oil giant Chevron has said it will be business as usual tomorrow – regardless of the referendum result.
Voters in Scotland are deciding whether to seek independence from the UK in a ballot that could spell the end of a three-century-old union that once dominated the world from America to Australia and trigger a new era of self-determination across Europe.
The Supreme Court in Texas may soon decide whether a “missing comma” will give BP access to Transocean’s’ $750m insurance in relation to Macondo. The Macondo blowout and the explosion that followed killed 11 workers and set off the worst offshore oil spill in US history.