Oil & gas

Opinion: Decommissioning – an inconvenient truth

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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.

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“U.S. Oil Rig Count Increases For 15th Straight Week”

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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%).”

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Ugandan Energy Minister Signed $157M Tax Waiver to Tullow Oil Without Reading the Agreement

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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.

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‘Cautious ­optimism’ as Aberdeen economy rebounds

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Source: scotsman.com 17 May 2017

Aberdeen’s economy is showing signs of “cautious ­optimism” after three years of oil-related misery, a report suggests.

Barry Fraser, Grant Thornton’s managing director in Aberdeen, said: “There are undoubtedly many challenges that still lie ahead for the oil and gas sector in Aberdeen, but we’re seeing some ­glimmers of light after a prolonged period of uncertainty.

“Many North-east businesses are no longer focused on pure survival and are seeing an increase in tender activity and new opportunities, ­particularly overseas.”

Ian Knott, director at the Grant Thornton practice in Aberdeen, added: “It’s reassuring to see the sector and the wider region taking a more positive view of the future, but businesses will also need to keep a close eye on cash resources as they return to growth, as this is a period where we see many business failures due to companies overstretching themselves.”

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