Eric Shelton of Texas - Changes in The Oil Industry
Eric Shelton Texas is an experienced businessman who owns his own oil and rig repair and maintenance company. He has been in the industry a long time and has therefore seen many changes in the marketplace. There was the oil shortages of the 1970's and the price hikes all throughout 2010 and 2011. He is excited and a little concerned about the future of energy, but feels that innovation is the key.
Exciting news came recently when the Oil & Gas Authority (OGA) formed to encourage collaboration among the oil industry to boost production and safeguard jobs. The government outlined the new investment allowance, which will be introduced in the Finance Bill 2015 to drive new investment, simplify the existing system of offshore field allowance and give investors greater certainty. This follows the government’s announcement at the Budget that it would cut the supplementary charge from 30 per cent to 20 per cent and reduce petroleum revenue tax from 50 per cent to 35 per cent.
According to officials, the regulatory changes that have made are the most amazing, significant changes to the regulatory regime since the oil and gas industry was founded in the North Sea decades ago, and the tax changes that have taken place have been dramatic ever. The regulator will be empowered to attend meetings, request information and engage in dispute resolution backed by sanctions if people aren’t willing to play along with the process. Although this deals with offshore oil drilling, Eric Shelton feels great changes will be coming to on-land sites as well.