Government to increase transparency on spills

The Government will increase its reporting of oil spill data following the Total gas leak in the North Sea. Energy Minister Charles Hendry said today that improving transparency was important. Speaking at a joint press conference held today in Aberdeen with the Managing Director of TOTAL, Charles Hendry praised the oil firm for their quick […]

UK oil production falls to lowest since 1970s

The UK is producing less oil and gas than it was in the 1970s. The Government say this decline was due to maintenance activities and slowdowns, which resulted in a net import dependency the highest seen since 1976. Oil production was 17.5% lower than in 2010 and was also the lowest level of production since […]

Motorists up in arms over fuel duty increase

Even though taxing poor grannies grabbed the headlines, there was plenty of noise coming from motorists. Many expressed disbelief over George Osborne’s refusal to stop an increase to fuel duty. A 3.02 pence per litre fuel duty increase will take effect on 1 August as planned, it was confirmed in yesterday’s Budget. It means the […]

Is the Budget good for energy business?

The Chancellor’s opening gambit got straight to the point yesterday, saying his Budget “unashamedly backs business.” The CBI, a business organisation which represents some 240,000 businesses, welcomed the news. John Cridland, CBI Director-General said: “The Chancellor has painted a clearer vision of how the UK will earn its living in the future and, by seizing […]

Green groups slate support for ‘dying’ industry

Environmental groups have reacted with anger to George Osborne’s budget today. The Chancellor said the Government was preparing a range of measures to extract the “greatest possible amount of oil and gas from our reserves in the North Sea.” Jenny Banks, energy policy officer at WWF-UK said the support for oil companies announced in the […]

Budget 2012: Osborne thirsty for North Sea oil

Chancellor of the Exchequer George Osborne has guaranteed tax relief for the decommissioning of North Sea oil and gas as he aims to stimulate investment in Britain’s energy sector. Mr Osborne said his 2012 Budget would support renewable energy, but warned that “environmentally sustainable has to be fiscally sustainable too.” Mr Osborne told Parliament he […]

Cutting fuel duty most desired Budget outcome

A recent poll from YouGov has revealed that more people want to see a cut to fuel duty above any other tax cut. The study, conducted yesterday, showed 31% of people interviewed wanted to see a reduction to duty in light of high pump prices. When asked who was most to blame for the current […]

Oil price rises despite Saudi supply promise

Oil prices continue to rise this year even though Saudi Arabia’s oil minister claimed there were no supply issues. Mr al-Naimi even said his country could boost supply by another quarter if needed. Global prices briefly fell following the oil minister’s comments: “My only mission is to convey to you that there is no supply […]

Chancellor says energy in mind for Budget

After receiving the boost of an Emissions Performance Standard from DECC this weekend, the gas industry was told by George Osborne he would work on securing further investment for the North Sea. The Chancellor or the Exchequer said: “As we work towards a new gas strategy in the autumn, Treasury ministers will host a roundtable […]

North Sea needs long-term commitment, says Deloitte

The UK oil and gas industries will need a stronger commitment from the Government over the future of the North Sea fields. Without it, the UK could face the loss of “critical” infrastructure, say business advisory firm, Deloitte. According to Deloitte, the Government’s current system creates too much uncertainty around tax issues. Commitment to the […]