In response to a recent article, Iain Poole considers dealing with uncertainty in the oil and gas industry and highlights some of the key challenges in terms of general decision making, and in light of the current turbulent environment.
According to The Decommissioning Company, operators in Europe are forecast to spend over £60 billion on decommissioning over the next 30 years. A major part of this will be in the UKCS and, according to Oil and Gas UK’s 2015 Decommissioning Insight Survey, £16.9 billion will be spent on decommissioning over the period between 2015 and 2024.
In a recent survey of over 160 Upstream 'megaprojects' (exceeding $1 Billion), with an average project size of $6.6 billion, EY identified 65% of projects as experiencing cost over-runs, and 78% experienced delays. We look at the inherent uncertainty with large CAPEX projects.
Is Competition law having a chilling effect on the Oil and Gas Authority’s (OGA) call to 'Maximise Economic Recovery' from the UK North Sea? The UK’s new OGA has a primary responsibility to implement the recommendations of a report by Sir Ian Wood.
The New York Times published an article on 22nd April, headed ‘New Balance of Power’, claiming that ‘the United States’ is overtaking OPEC as the ‘vital global swing producer that determines prices’. Read more in our latest blog.