TODAY’S OIL PRICE: $108 A BARREL

OEUK says accelerating changes to the Energy Profits Levy could unlock £11 billion of North Sea projects.

The irony is difficult to miss.

While Britain is still debating whether to encourage investment in our own oil and gas industry, Brent climbed to $108.18 a barrel this morning.

And what will it be by Christmas?

That is the interesting question.

Goldman Sachs has warned that further disruption could push Brent above $120 to $130. Other forecasts are considerably lower. Nobody really knows, and that is precisely the point.

Events in the Middle East have once again shown how quickly energy markets can change.

As a veteran oil and gas recruiter, when I look at that potential £11 billion of North Sea investment, I see something else.

Jobs.

Drilling engineers, well engineers, subsea engineers, project managers, planners, HSE, inspection, integrity, maintenance, construction, decommissioning and thousands of jobs throughout the supply chain.

Many of them could be here in Aberdeen and across the UK.

I am not arguing against renewables. We need them.

But the replacement has to be ready before we switch off what we already have.

If Britain still needs oil and gas but produces less of its own, demand doesn’t disappear. We simply import more.

So today’s P&J front page and today’s $108 oil price make interesting reading together.