Oil & gas
Source: Aberdeen Journals Ltd 23 November 2017
“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.
They said the UK Government’s decision to let firms transfer tax credits would attract fresh investment to the basin and prolong production from mature fields.
Derek Leith, head of oil and gas tax at EY, said the changes had the potential to “revitalise” the UK oil and gas industry and Alex Kemp, professor of petroleum economics at Aberdeen University, said the reforms were to “everyone’s advantage”, including the Treasury, as “more transactions mean more oil will be recovered”.”
Source usa today.com 26 October 2017
“Oil prices appear to be stuck in the $50s per barrel, but that doesn’t mean there aren’t serious supply risks to the market.
An unexpected disruption could occur at any moment, as has happened in the past, leading to a sudden and sharp jump in prices. Geopolitical tension has been largely irrelevant since the collapse of oil prices in 2014, but it’s making a return now that cracks have emerged in some key oil-producing nations. The threat of an outage will carry more weight as the oil market tightens.
“The ‘Fragile Five’ petrostates — Iran, Iraq, Libya, Nigeria and Venezuela — continue to see supply disruption potential, with northern Iraq crude exports at risk due to an escalation of tensions between the (Kurdistan Regional Government), Baghdad and Turkey, while the United States has decertified the 2015 Iran nuclear deal,” U.S. bank Citi said.”
Source: Aberdeen Journals Ltd 12 June 2017
There’s no credible business case for decommissioning our redundant oil & gas structures. Better to use the money saved from leaving infrastructure in place for green energy projects.
Source: oilprce.com 28 May 2017
“The number of active oil and gas rigs in the United States rose by 13 on Friday, according to oilfield services provider Baker Hughes. The total oil and gas rig count in the US now stands at 870 rigs, or 450 above the count a year ago.
Oil rigs increased by 9, while gas rigs bumped up 4.
This week marks the fifteenth straight build for oil rigs (+175 or +33.5% since January 13). While gas rigs haven’t enjoyed the same persistently ascending trajectory week to week, they have climbed 10 of the last fifteen weeks, for a total gain of 35 (+25.7%).”
Source: taxjustice.net 10 May 2017
The East African press is reporting that Uganda’s former Energy Minister, Syda Bhumba, has confirmed that she signed a tax waiver agreement with UK company, Tullow Oil, without reading the document.
Time and again, oil and mineral rich African countries have been skinned alive by rapacious mining and oil companies who extract huge tax reliefs, exemptions and holidays from hapless and/or corrupt politicians.
There’s no doubt that this kind of thing happens in many countries around the world.
The waiver, which exempted both income and capital gains from tax, is being disputed by the Uganda Revenue Authority on the grounds that Bhumba had no authority to sign such a waiver since authority in this area lies with the Finance Minister.