Connecting to LinkedIn...

W1siziisijiwmtuvmdqvmtuvmdgvntqvmzgvnzi1l01ptlrbu0hfqkxpr19vtljftkrfukvex0lnqudfx3jlc2l6zwrfyw5kx3jlbmrlcmvklmpwzyjdlfsiccisinrodw1iiiwimtkymhgxmjuwiyjdxq

Blog

Easy oil is gone. North Sea industry needs to adapt to new reality

26/11/2014 by Sharon Shahzad

W1siziisijiwmtqvmtevmjyvmtqvmzavmzmvmtexl29pbf9yawdfbmlnzxjpyv9yzxv0zxjzx2zpbgvfcgl4mtixms5qcgcixsxbinailcj0ahvtyiisijywmhg0mdbcdtawm2uixv0

Companies operating in the North Sea require a cultural shift to make the most of its potential, according to a new report from Deloitte, the business advisory firm.

The report, which gauges the oil and gas industry’s reaction to Sir Ian Wood’s Maximising Recovery Review, calls on the new regulator – the Oil and Gas Authority (OGA), the Government and companies operating in the North Sea to adapt to a new reality in the basin.

Overall, the research found respondents:

  • Supported a strong new regulator which can demonstrate focus and influence;
  • Wanted HM Treasury to outline a stable, simple and internationally competitive fiscal regime which reflects the diverse profile of the UK Continental Shelf (UKCS);
  • Thought closer collaboration between companies would help drive efficiency and cut costs related to extraction, while tax incentives and possibly different ownership models could encourage the sharing of infrastructure.

Derek Henderson, senior partner in Deloitte’s Aberdeen office, said: “The UK’s oil and gas industry is going through a serious period of transition; its three major stakeholder groups need to change significantly and adapt quickly. There must be more collaboration both between and within the groups, with companies working together to make extraction more economically viable and increased coordination between departments at Whitehall.”

The report also found that drilling activity on the UKCS needs to double to more than 90 wells per year over the next two decades to make the most of the estimated $1.3 trillion worth of oil and gas which potentially remains.

Henderson commented: “Only about a third of the known recoverable resources in the UKCS are left. The ‘easy oil’ days are gone and we need a fiscal regime that is more reflective of the current state of the basin. Companies are looking for a tax system which is simple to navigate, stable over the longer-term, incentivises investment and is competitive by international standards. Making the right changes could mean billions of pounds of difference to the UKCS, and simultaneously increase the taxable income as more oil and gas is recovered.”

This article has been extracted from http://www.offshoreenergytoday.com, please click on this link to read the article in full http://www.offshoreenergytoday.com/easy-oil-is-gone-north-sea-industry-needs-to-adapt-to-new-reality/

Montash is a multi-award winning, global IT recruitment business specialising in permanent and contract positions across mid-senior appointments, which cover a wide range of industry sectors and IT functions, including:

ERP, BI & Data, Information Security and Assurance, Architecture & Strategy, Energy Technology, Demand IT and Business Engagement, Digital and E-commerce, Infrastructure and Service Delivery, Project and Programme Delivery.

With offices based in London, Montash has completed assignments in over 30 countries and has appointed technical professionals from board level to senior and mid-management in permanent and contract roles

comments powered by Disqus

Social Stream

Latest News

W1siziisijiwmtcvmdevmtgvmdkvmtqvmzmvmzk5l0vsuc5qcgcixsxbinailcj0ahvtyiisijm4mhgxmdajil1d

Sage bolsters X3 business ERP solution

2017-01-18 09:00:00 +0000

Sage, one of the global leaders in enterprise resource planning (ERP) solutions, has revealed that it has signed up a trio of new clients to its X3 business solution. With the Salesforce.com partner wanting to be able to show its ability to host larger clients, the firm revealed that BrightBridge, Atlas Cloud and CLOUT are all now utilising the new and emerging X3 ERP platform. Sage Vice President of UK Enterprise David Watts talked about the latest agr...

W1siziisijiwmtcvmdevmtcvmtavmzcvmzevmjq2l0nsb3vkighlywx0agnhcmuuanbnil0swyjwiiwidgh1bwiilcizodb4mtawiyjdxq

Cloud computing making its mark in healthcare

2017-01-17 10:00:00 +0000

The cloud computing sector has grown quickly, and businesses in various sectors have been quick to take advantage of its many benefits to improve services. One such market is the healthcare industry, which has been able to improve diagnosing and enhance treatment methodologies as a result of new technologies over the past decade. Cloud technology is helping one area in particular – the healthcare of people living in remote locations who would not ordina...