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PwC focuses on growth as industry gears up for future opportunities

The Aberdeen oil and gas industry is gearing up to capitalise on new opportunities. Harnessing international opportunities to export expertise in deep water and subsea engineering combined with domestic opportunities West of Shetland and enhancing extraction from maturing North Sea Assets will allow Aberdeen to maximise its potential in the coming years according to PwC.

Despite a summer of discontent for the industry that has seen firms face issues ranging from onerous taxation and uncertainty around decommissioning liabilities, to concerns over the health of offshore structures, PwC believes there are still signs that the golden era for North Sea oil and gas industry is set to continue.

Mark Higginson, senior partner at PwC’s office in Aberdeen, commented:

“The Aberdeen market has weathered many of the economic storms that have battered the UK and global markets over recent years. It is a resilient and resourceful industry and we have already seen some exciting fresh investment in recent weeks with the announcement of BPs £700m investment in the Kinnoull Field, further commitment to developing West of Shetland prospects and a UK report predicting that around £110bn of North Sea projects are yet to come.

“I am confident that with strong leadership and a competitive and innovative approach to local and international markets, Aberdeen will be able to preserve this golden era and prosper for years to come. To demonstrate our commitment to helping the industry and our clients achieve success and meet future challenges head on, we have taken the decision to strengthen our team with a number of senior appointments who represnt the next generation of oil and gas financial specialists.”

Responding to the opportunities facing the industry, PwC in Aberdeen is strengthening its team. Recent appointments include:

- Richard Spilsbury, an Assurance Partner with many years of experience supporting clients on initial public offerings and other types of capital market fundraising; and

- Jon Shelley,a Corporate Finance Director specialising in advising management teams in all aspects of M&A deal activity. Jon previously worked in New Zealand, where he specialized in advising on deals within the oilfield services area and more recently at PwC in Newcastle.

In addition Julie Watson, who has extensive experience of advising growing exploration and development oil and gas companies, has also been promoted to director in assurance, while Elaine Shephard has joined as a senior manager specialising in VAT advice. Three people have also been promoted to senior manager with six others to manager roles.

Mark Higginson, PwC senior partner in Aberdeen, said:

“It is vitally important to encourage and motivate the next generation of leaders – after all, our people are our greatest resource.

“Our team is a fantastic mix of home grown talent and experienced people from across the globe, who have brought with them new skills and knowledge of global markets – something that is essential when working within the global energy sector.”

The Albyn Place office has also confirmed it will welcome 15 new graduates as part of Scotland’s intake of over 70 trainee accountants.

Mark Higginson, PwC senior partner in Aberdeen adds:

“This is a record number of graduates for the firm in Aberdeen, representing a 25% increase in previous years and reflecting our commitment to the Aberdeen market and the growing demand for tax, audit, VAT and advisory advice.”

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