28 May 2008
28 May 2008
On the day that Gordon Brown and Alistair Darling visit Aberdeen to consult with leaders about the spiralling fuel costs in the oil and gas industry, Brewin Dolphin hosts its annual gathering to take its own soundings of confidence in this highly volatile, yet crucially important sector for the UK economy.
More than 150 guests representing industry players and professional advisers will gather at the Art Gallery in Aberdeen with the Prime Minister’s and the Chancellor’s comments from the day fresh on everyone’s lips. It will enable Brewin Dolphin to gain instant reaction from the movers and shakers of this industry. These remarks will form an up-to-date view within our research papers in the oil and gas sector.
Alan Stewart, a Director of Brewin Dolphin’s Investment Banking Division, and specialist in the Oil and Gas sector, said:
“Whilst the highly unusual visit of both the Prime Minster and the Chancellor reflects the Government’s concerns, it will not have any short term impact on the price of fuel. The only way the Government could make an immediate difference at the pumps would be cut duty, which seems highly unlikely in current economic conditions.”
“In our opinion we are going to see continued upward pressure on the oil price over the next six months which may well average $110 over 2008. OPEC will probably not release further production in the short term and UK Petroleum Taxes – including PRT as recently increased by the Chancellor – could impact North Sea production and further exploration up here. And if there is a whiff of a windfall tax, you may find Shell and BP rapidly exit the UK”.
ENDS
Media Contacts:
Alan Stewart – Oil and Gas Specialist 07715 110213
Mark Brady – Head of Corporate Finance 07711 659 861
Charlotte Black/Damian Kerr: – BD Press Office +44 20 3201 3331
The opinions expressed in this document are not the views held throughout Brewin Dolphin Ltd. No Director, representative or employee of Brewin Dolphin Ltd. accepts liability for any direct or consequential loss arising from the use of this document or its contents.
NOTES TO EDITORS
Brewin Dolphin Limited (“BD”) is the principal operating company of Brewin Dolphin Holdings PLC which is listed on the London Stock Exchange. BD is authorised and regulated by the Financial Services Authority and is a member of the London Stock Exchange.
BD is the largest independent private client investment manager in the UK. The Group manages £21.6 billion of funds for over 120,000 clients, and of this £10.7 billion is on a discretionary basis. BD has 39 offices and is corporate adviser to 131 corporate and 100 institutional clients. Brewin Dolphin Investment Banking was voted AIM Broker of the Year 2007. 1
The Group provides complete investment management for private investors, charities and pension funds and trades as:
Brewin Dolphin in England, Wales and the Channel Islands
Bell Lawrie in Scotland and Northern Ireland
Stocktrade is the BD Execution-Only division. www.stocktrade.co.uk
Please see Media Centre section on www.brewindolphin.co.uk for details and photos of all commentators and analysts throughout the BD Group.
1. Brewin Dolphin Investment Banking was voted Broker of the Year 2007 at the Investors Chronicle AIM Investment Awards, in association with the FT.