Right set of skills required to decommission
As many North Sea oil and gas assets reach the end of their productive lives, decommissioning is increasingly on the C-Suite agenda.
EY
North Sea operators must work with suppliers or risk becoming ‘second-class’
North Sea operators must treat oilfield service (OFS) firms with care or they could end up becoming “second-class clients” in a tightening market, an industry figure has said.
Innovative models for a tricky market
In eras of high oil prices, operators have focused on bringing oil to market, with less consideration for the costs and risks they incurred.
Oilfield services sector can expect further M&A growth this year, EY says
Global oil and gas total deal value increased by $79.7bn during 2018 to reach $426.8bn, despite a decrease of 18% in deal volume.
EY appoints new oil and gas leader
EY, one of the world’s largest professional services firms, has appointed a new global leader for oil and gas.
Oil sector still has plenty of waste to ‘get after’, BP boss says
The oil industry is still guilty of rampant “waste” despite concerted efforts to drive efficiency during the downturn, a boss at BP said yesterday.
‘Battle for data ownership’ must be avoided, EY finance expert says
Oil companies must put their heads together to prevent a “battle for data ownership” erupting, a corporate finance expert said today.
Let’s get Brexit resolved ‘pretty darn pronto’, de Leeuw says
The oil and gas sector needs clarity on the UK’s withdrawal from the European Union “pretty darn pronto”, an industry expert said today.
Changing of the guard bodes well for UK oilfield services sector, EY says
The North Sea’s “changing of the guard” will boost an oilfield services (OFS) sector creaking under the weight of sustained pricing pressures, a new report said.
Where is technology leading us?
Global oil and gas executives are preparing to accelerate investments in digital technologies, with the main goal of furthering their cost-saving ambitions.
HMRC launches new Profit Diversion Compliance Facility
On 10 January 2019, HMRC launched a new Profit Diversion Compliance Facility (PDCF) aimed at multinational enterprises who have used cross-border arrangements that HMRC considers may result in an artificial reduction in UK profits, including arrangements targeted by the Diverted Profits Tax (DPT) legislation.
North Sea industry hopes oil settles at $60-70 for longer
Oil prices settling in a sweet spot of $60-70 per barrel would give North Sea firms more confidence to kick on with investment plans, industry experts have said.
‘Significant obstacles’ identified in bringing digital tech to oil and gas
“Significant obstacles” remain in overcoming "silo mentalities" and bringing digital technologies to oil and gas, according to a new report from EY.
Job worries for oil and gas technicians: is clean energy the answer?
A forecast for Scottish economic growth recently issued by EY indicates that onshore upstream employment in Aberdeen is expected to fall 0.3% by 2021. Interestingly, the same report details that there is likely to be an increase in the number of jobs in the wider oil and gas sector in the coming years, including roles associated with technology, administration and communication. It is clear that O&G jobs are not going to disappear overnight, yet, all the same, this change is likely to have an impact on the individuals working within the industry.
Equinor to replace KMPG with EY as auditors next year
Energy giant Equinor has announced it will replace audit, tax and advisory firm KPMG with accounting firm EY in 2019.
Scottish Budget investment boost for ‘critical’ apprenticeships
Finance Secretary Derek Mackay has pledged to support apprentices by allocating more than £200million to enhance their skills and development.
1,400 oil and gas jobs predicted to be lost in Aberdeen in next three years
Around 1,400 onshore jobs in oil and gas based in Aberdeen are expected to be lost in the next three years, according to a new report.
Updated: Ultra-deep port could generate revenues of £580m, EY report says
Scotland’s first ultra-deep-water (UDW) port would have to secure 10 decommissioning projects to pay for itself, a flagship report said.
Looming Brexit prompts UK drop in renewables index, EY claims
The UK has dropped one place in the renewable energy attractiveness index due to Brexit, according to EY.
Oil sector to ‘feel the heat’ over changes to contractor pay rules, says tax expert
The oil and gas sector is bracing for the “extensive impact” of changes to off-payroll working rules announced in the chancellor’s budget, according to a tax expert.
Tax expert says nasty surprises for North Sea in upcoming Budget unlikely
The Chancellor is unlikely to spring any nasty surprises on the UK oil and gas industry in next week’s Budget, a tax expert has said.
Aberdeen due for £8.4bn investment by 2030
A global expert has claimed Aberdeen’s diversification and regeneration is “paying dividends” as it was announced £8.4 billion of public and private investment is due to be delivered to the north-east before 2030.
OPINION: Making tax digital
Harnessing the power of digital for business growth needs to be adopted across the whole of your business in order to grow. That holistic approach needs to start somewhere; could that starting point be your tax function?
Time to chart a course for the future of oil and gas is now
The future for the North Sea oil and gas industry is bright and exciting.
Government must not ‘spook investors’ with rise in offshore sector taxes
A North Sea tax expert has warned that any move by the UK Government to extract more revenue from the oil and gas industry is likely to have devastating consequences.