Oil & Gas

High Oil Prices Continue To Weaken Confidence In The Scottish Economy

From Energy Voice yesterday: ‘Brent crude traded near a two-month high as shrinking oil inventories pointed to an increasingly tight global market. Futures in London were up 0.5 percent after surging 2.2 percent on Tuesday. Industry data showed U.S. inventories slid 8.64 million barrels last week. West Texas Intermediate for October delivery rose as much as $1.31 to $70.16 a barrel on the New York Mercantile Exchange and traded at $70.05 a barrel as of 1:44 p.m. London time.’

Luckily, our good friends in the Treasury will help Scotland out by giving away all of those worrying revenues.

Hard Brexit May Shut Oil And Gas Platforms

"Oil and gas platforms in the North Sea may have to be shut down if there is either a hard Brexit or no deal on EU withdrawal, according to an industry body.
The latest economic report from Oil and Gas UK warns that new rules on accessing labour markets from EU countries could leave the sector with a skills shortage.
About 5% of workers in the UK oil and gas sector come from other EU countries and the report said it was “vital that arrangements are in place between the UK and EU to allow the continued frictionless movement of people”.
If difficulties arose in recruiting replacements then platforms would have to shut down operations and production." Scottish Business Buzz.

Scotland's Oil & Gas Expertise Will Help Abroad

‘The chief executive of Ghana’s Petroleum Commission has said Aberdeen will play a “vital part” in the country’s upcoming “oil boom”. Ghana is set to award nine licensing rounds in the lead up to next April, with opportunities for “supermajors, contractors and service providers”. Ghana’s laws mean any company wishing to execute a contract in its upstream sector has to create a joint venture with an indigenous Ghanaian company, with the latter getting at least 10% equity.’