A bid to open the Arctic National Wildlife Refuge to oil drilling faces a hold up over an arcane budget rule, a development that may mean it can’t be included in the tax overhaul legislation.
The SNP has issued a series of further demands to the UK Treasury to help revitalise the oil and gas sector – claiming the Budget measures “fall short” of the action required.
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.
KPMG has said that ground-breaking new oil and gas tax rules would create a "level playing field" for North Sea investors.
A ground-breaking new tax break for the oil sector will revitalise the North Sea and pave the way for a flurry of deals, industry experts said yesterday.
Oil and Gas UK (OGUK) has welcomed the government's decision to introduce transferable tax history for the oil and gas sector.
Oil major Shell said today called the decision to introduce transferable tax history for the oil and gas sector was a positive step forward.
The UK oil and gas industry has good reason to be expectant of further changes to the oil and gas fiscal regime in Wednesday’s Budget.
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.
The fall in the world price of crude has been at the centre of a number of obstacles that are currently stifling many North Sea M&A transactions. This factor, along with a lack of acquisition finance and the persistent gap between the price sellers want for assets and the one buyers are prepared to pay, is making valuations hard to land. Where late life assets are concerned, decommissioning liabilities, which can often erode any value in what might otherwise be a viable transaction, are proving another major issue, preventing many deals from getting over the line.
Chancellor Philip Hammond has been branded “out of touch” after he was forced to clarify his remark that “there are no unemployed people”.
As an industry which remains vitally important to the Scottish, and UK, economy, the Scottish Government has long been a vocal champion of North Sea oil and gas.
The north-east's Tory MPs have thrown their weight behind an appeal to the Chancellor to give the oil and gas industry more support in next month’s Budget.
Every Friday, Energy Voice will ask readers to give their views on some of the hot topics affecting the oil and gas sector. The questionnaire will be kept open for several days to allow as much participation as possible. For our inaugural “Energy Voice: The burning questions”, we want your opinions on the Spring Budget.
Scottish Conservative Leader Ruth Davidson has accused the SNP Government of doing “nothing for the north-east” in a fiery exchange over oil and gas revenues.
It’s fair to say Philip Hammond’s first (and last) Spring Budget as Chancellor followed the same approach as his first (and last) Autumn Statement – no vote-grabbing gimmicks, no rabbits out of the hat, steady as she goes.
Shell said today's Budget marked "another step forward" in the oil and gas industry's quest to squeeze out as many barrels out of the North Sea as it can.
An oil industry veteran said it was good news that the UK Government has acknowledged the current decommissioning tax system isn't working for North Sea industry.
The Treasury confirmed yesterday that a new panel of industry experts would discuss increasing North Sea production and investment through tax breaks.
The Budget proves that the north-east oil sector can rely on the UK Government, a Tory MSP said.
The Chancellor to the Exchequer has delivered hope for late life North Sea assets and the firms who will be tasked with their decommissioning, according to an industry expert.
With Chancellor Philip Hammond set to deliver his first Spring Budget today, oil and gas will be no different to any other industry in hoping for extra support.
Shadow Chancellor John McDonnell vowed last night to do "everything we possibly can" to help the oil and gas industry.
Although there are encouraging signs that confidence is beginning to return to the oil and gas industry, the UK Government must do more to ensure its recovery.
A trade union alliance representing oil and gas workers has renewed calls for government investment in North Sea infrastructure.