NEWS July 17 – Energy Bills to Soar with Oil & Gas Supply Problems

UK consumers must look to increasing energy bills for the next five years at least. With oil supplies expected to minimise by 2012 consumers can look forward to paying more for petrol at the forecourt, higher utility bills and increased prices for food and manufactured goods as producers pass on their increased costs. The UK has been somewhat shielded in the past due to the major part of electricity generation being gas powered but natural gas supplies are also tightening. When you take the unsteady political situation in places like Nigeria, Venezuela and Iraq, which is causing new investment problems in these major producing zones the outlook is not getting any brighter.

NEWS July 4 – Revenues Down as North Sea Costs Rise

The UK is earning less from the North Sea as costs soar, gas prices weaken, and oil and gas outputs dwindle. This is causing deficits in the predict revenues of both the oil and gas companies and the UK government. The cost of operating the North sea rigs has doubled since 2003 to approximately $10 per barrel and in the same period equipment and building costs have also risen steeply. In 2005/2006 the UK government’s share of the pie rose to £9.8billion and expecting this trend to continue, the then chancellor, Gordon Brown doubled the rate of supplementary corporation tax on oil profits. The changes mentioned above brought about a £2.7billion shortfall for last year and an expected £5billion shortfall this year. In this case, higher taxes definitely do not generate more income.

NEWS June 25 - Oil & Gas Industry Contributes Billions to Economy

According to a state funded survey, the Oil & Gas Industry contributed nearly $23billion in direct and indirect benefits to Colorado in 2005, this accounted for 6.1 percent of the total gross state product, according to the report by the Colorado Energy Research Institute. The institute, created by the Colorado Legislature in 2004, found that the industry directly and indirectly paid a total of $870.5 million in taxes, generated about 70,000 jobs, accounting for 2.2 percent of the employment in the state and 3.2 percent of the total earnings in 2005.

NEWS June 5 - TEST Automation & Controls, Deep Thinkers

Thanks to ever more accurate geological surveting techniques, the oil & gas industry is increasingly looking deeper for proven reserves. The industry has had to provide the equipment needed to work at these extreme depths and operating this new equipment requires even newere systems and technologies. TEST Automation & Controls designs, manufactures, and services automated systems to control and manage oilfield equipment. Founded in 1970 and initially worked in the Gulf of Mexico, TEST now operates worldwide.