EY comments on UK Budget's implications for oil and gas industry
Published by Nicholas Woodroof,
Editor
Oilfield Technology,
“The new Chancellor’s [Rishi Sunak] decision to hold steady and make no legislative change for the oil and gas industry is a welcome move.
“In recent years we’ve seen significant change to the tax landscape for the oil and gas sector, with successive governments acknowledging the maturity of the basin and the need to have stable fiscal conditions for investment. Last weekend’s drop in oil price demonstrates that there is significant volatility in the sector with global demand faltering and supply side discipline disappearing.
“A return of the oil price to the US$55-US$65 range would be beneficial to the industry as it seeks to maximise economic recovery whilst taking steps to decarbonise production facilities. A stable oil and gas industry in the UK offers the best possible foundation for the oilfield services sector and supply chain to start to transition its technical competence into alternative energy.”
Read the article online at: https://www.oilfieldtechnology.com/special-reports/12032020/ey-comments-on-uk-budgets-implications-for-oil-and-gas-industry/
You might also like
Why electric submersible pump (ESP) optimisation starts with motor control
Motaz Hassan, Global Application Manager - Artificial Lift Solutions at ABB, Motion Drive Products, explores some of the most common ESP challenges from backspin and gas lock to underload conditions. He then explains how application-specific drive control helps improve reliability, protect equipment and support production continuity.