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

W1siziisijiwmtcvmduvmjmvmtmvmjavmjkvndg3l3nodxr0zxjzdg9ja180mtqwnti1mdeuanbnil0swyjwiiwidgh1bwiilcizodb4mtawiyjdxq

Their Shoes... Matthew Gilbranch, Managing C...

2017-05-23 15:00:00 +0100

Matthew Gilbranch (32) is a managing consultant here at Montash, managing the SAP team. With 7 years in the global recruitment industry, he loves helping people and building lasting relationships with clients and candidates alike. He took the time to talk to us about what a typical day is like in the global IT recruitment industry. "I get up at 6 and I'm out of the house by half 6 and on the train by twenty to 7. On the train I tend to have a power nap ...

W1siziisijiwmtcvmduvmdqvmtyvndavmzkvotg5l3nodxr0zxjzdg9ja181ndm0mduxmtuuanbnil0swyjwiiwidgh1bwiilcizodb4mtawiyjdxq

7 Things About Your CV You Need To Fix Right ...

2017-05-04 18:00:00 +0100

As a global technology recruitment agency, we are in touch with candidates day in and day out. We've seen all kinds of CVs in our time and know a good one when we see it. As our recruitment team look to find the ideal candidate, they are looking for CVs that show how candidates can impact their clients in a positive way, not just look flashy on paper. You only have a small amount of space on your CV to show off your skills, so make every word count. Cut...