• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 1 day GREEN NEW DEAL = BLIZZARD OF LIES
  • 5 days The United States produced more crude oil than any nation, at any time.
  • 4 days How Far Have We Really Gotten With Alternative Energy
  • 3 days Bad news for e-cars keeps coming
  • 4 days China deletes leaked stats showing plunging birth rate for 2023
  • 6 days The European Union is exceptional in its political divide. Examples are apparent in Hungary, Slovakia, Sweden, Netherlands, Belarus, Ireland, etc.
U.S. Pushes to Triple Nuclear Energy Production by 2050

U.S. Pushes to Triple Nuclear Energy Production by 2050

Michigan Governor Gretchen Whitmer's plan…

New Mexico Struggles To Balance Oil Output Boom with Climate Goals

New Mexico Struggles To Balance Oil Output Boom with Climate Goals

The second-largest oil-producing U.S. state,…

Unclear Brexit Deal Could Damage UK Oil Industry

The UK’s draft withdrawal agreement for leaving the European Union lacks clarity, which could be damaging to the UK oil and gas industry with increased costs for retaining skilled workers, analysts warn.

Earlier this week, the draft Brexit divorce deal from the EU was published, and according to analysts, it contains a lot of uncertainties in many areas.

“It’s bringing even less certainty than we had before. We don’t know if we will be leaving the customs union and it’s asking more questions than are being answered which I think will be disturbing for the oil and gas industry,” David Gibbons Wood, a business and economics lecturer at Robert Gordon University (RGU), told The Press and Journal.

Companies will react quickly once there is clarity regarding the investment and trading backdrop, but the current uncertainty is not helping the industry, according to Wood.

Yet, oil and gas is a global sector, not just an EU one, so there could be less damage compared to other industries, he noted.

According to Fiona Cincotta, a senior analyst at City Index, the UK North Sea oil and gas industry will definitely feel the cost of keeping skilled EU workers.

“Given that Brexit, with or without Theresa May’s deal, looks to restrict movement of people between UK and EU and vice versa the impact on the sector could be large, especially in an industry where competition for talent is fierce,” Cincotta told The Press and Journal.

Oil & Gas UK, the sector’s trade association, welcomed the publication of the draft Brexit deal, but said that it would need time to analyze its potential impact on the industry.  

ADVERTISEMENT

“Our focus remains on securing the best outcome for the UK’s offshore oil and gas industry. That is, protecting the offshore industry from future EU regulatory changes, minimal friction between the UK and EU, maintaining a strong voice in Europe, protecting energy trading and the internal energy market and protecting our licence to operate,” Oil & Gas UK chief executive Deirdre Michie told The Press and Journal.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News