UK: Oil Price Crash (1): Options For North Sea Oil And Gas: Shut-Ins And Taxation Relief

Last Updated: 18 February 2015
Article by Anna Tostevin
Most Read Contributor in UK, January 2018

Companies involved in oil and gas activities globally are tightening their belts. The decline in the price of Brent crude oil (spot sales) from $115 in June 2014 to less than $50 per barrel in just over six months represents a loss in value of over 60%, leading to a reduction in profits (and for some, no profit at all). Regardless of the macroeconomic effects for GDPs, the economics presently look stark.

Some recent headlines demonstrating the devastating effect of the rapid oil price decline:

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