When it comes to the oil industry, it is quite difficult
and somewhat exciting time for the UK over last few months. There has come up
lots of economic uncertainty in the country. Its outcome was very shocking for
the whole nation, everybody is much worried and tensed. They are also assured
about their nearness to the political and economic uncertainty. With such
changes in the economy of the country comes up the question about the impact of
the referendum on the UK gas and oil industry. Philip Moufarrige has contributed a lot in the oil and gas
industry.
Effect of Brexit on oil and gas
industry:
The effect of pound declined dramatically over a period
of time. This shows that it is trying to recover itself from the tome of the
shocking Brexit. The rates of oils are going down drastically and thus we may
see the oil companies coming to an end. But the fall in the price of oil was
not due to the Brexit, rather it was due to the strengthening of US dollar and
something more important from this is the economy of the nation and its demand
and supply system.
The North Sea oil and gas industry is also facing the
tremendous problem and may shut down in some time. It seems it is quite
uncertain to solve this problem with the advancing time. Philip Moufarrige still believes that sooner or later a time
will come when things will settle down.
The North Sea oil and gas industry:
Philip Moufarrige has a lot o say on this. It has also faced a real tough
time in recent days and it has highly increased the optional cost and the price
of the oil keeps fluctuating. But, unfortunately, all these issues will be
affected much more bu Brexit. It has faced lots of decommissioning in recent
days. Because of the Brexit, the oil and gas companies are found to be less
willing to invest in the North Sea oil and gas industry. The decommissioning is
increasing at a rapid pace.
The matter does not even calm down here, there is lot
more issue related to it. It may still be able to benefit from this challenging
situation. Assumptions are made that if the post does not manage to gain its
stability, it could also help reducing some costs in the North Sea oil and gas
industry. The workers may get some relaxations too.
Scottish Referendum:
As the above write up explains the Brexit denied talking
about the second referendum for an independent Scotland. These kinds of cases
have added much uncertainty to the future of the North Sea oil and gas
industry. The matter is quite debatable when it comes to the drop in price in
the entire market.
A split from the UK would also participate in the debate
based on this. There are numerous oil reserves over there. This independence
would most probably result in the division of the reserves. In will be
allocated in the same way as the fishing rights are given to people. Scotland
will be getting the majority of the annual natural oil production and the
production of natural gas.
Philip Moufarrige has
given a new phase to the oil and natural gas industry. It is quite undoubtedly
to say that the Brexit have caused much havoc in the UK and it is quite obvious
because of the ambiguity which has emerged in the recent days. In recent days
it turns out to be very interesting to see how the industry has evolved in
response to the emerging changes these days. It is high time to say goodbye to
the UK too.
