Thursday, 17 April 2014

Scots' go-it-alone vote hitting North Sea investment



THE looming Scottish independence ballot has been affecting investment in the oil and gas industry for over a year, says one of the industry’s leading lights.

Dennis Clark, OBE, chairman of Newcastle fabricators the OGN Group said: “The oil company chief executives don’t like risk and that’s what they see in the North Sea now.

“Will the assets be nationalised? Will the tax situation change? Will management and resources move away from Scotland? These are any one of a million things that could happen.

“Regional managers in the oil companies just can’t answer these questions so oil chiefs would rather spend their money elsewhere, Angola or Brazil, or shale.

“This is already happening; capital is migrating out of the North Sea and into shale. This uncertainty is damaging the industry.”

Cark the former chief executive of Amec Energy is honorary president and founder of NOF Energy.

Clark soundings follow similar comments from many in the industry including BP chief executive Bob Dudley

For more on Dennis Clark, and the energy industry see: http://www.thejournal.co.uk/authors/Peter_McCusker

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