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Oil and Gas UK Asks Gov’t to Minimize ‘Period of Uncertainty’

Published in Oil Industry News on Saturday, 25 June 2016

Graphic for News Item: Oil and Gas UK Asks Gov’t to Minimize ‘Period of Uncertainty’

Following the EU Referendum outcome on Friday, Oil & Gas UK, a representative organization for the UK offshore oil and gas industry, has urged the UK Government to outline the process which will follow the exit vote to minimize any potential period of uncertainty.

To remind, oil prices slumped by more than 6 percent on Friday after results of a landmark referendum showed Britain had voted to leave the European Union.

Following the exit vote, UK Prime Minister David Cameron has announced his resignation saying there should be a new PM in October.

Commenting on the EU Referendum outcome, the oil and gas organization said: “Oil & Gas UK respects the democratic decision of the UK people and we are ready to move forward.

“Throughout the referendum campaign Oil & Gas UK has maintained its political neutrality – we are a trade association with a broad range of members who will undoubtedly have their own views on EU membership.

“As ever, our role is to represent our members throughout the transition ahead.

“We hope that all those involved will now come together and work constructively to make this transition as smooth as possible and we ask that the UK Government clearly outlines the process which will follow to minimise any potential period of uncertainty.”

UK oil & gas industry at critical juncture

Oil & Gas UK continued: “The UK oil and gas industry is at a critical juncture and we need to ensure the UK Continental Shelf continues to attract investment and be seen as a great place to do business. We will be consulting closely with our members in the coming weeks and look forward to engaging with all governments to play our part in this process.”

Offshore Energy Today has reached out to European oil companies seeking their comments on the exit vote.

Royal Dutch Shell said that although the company was in favour of the UK remaining in the EU, it would work with the UK government and European institutions on any implications for the company.

British oil major BP told Offshore Energy Today it is far too early to understand the detailed implications of this decision.

“However, we do not currently expect it to have a significant impact on BP’s business or investments in the UK and Continental Europe, nor on the location of our HQ or our staff,” BP added.

Offshore Energy Today also contacted Oil and Gas Authority (OGA), the UK government’s agency responsible for regulating offshore and onshore oil and gas operations, seeking the organization’s comment on the Brexit vote.

However, OGA was not willing to comment directing all queries to No. 10, a colloquial expression in the United Kingdom for the Prime Minister’s office in 10 Downing Street.

Source: www.offshoreenergytoday.com

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