Accountancy giant PwC has named energy taxation specialist Alan McCrae as its new UK oil and gas leader.
McCrae, whose career spans almost three decades, was previously energy tax leader across PwC’s UK, Europe, Middle East and Africa regions. He succeeds Alison Baker in his new role, which will see him lead a 360-strong team tasked with supporting clients amid the tough industry landscape.
The heady highs of five or ten years ago will not return in the foreseeable futureAlan McCrae
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“It’s clear that the challenges of volatile oil prices, a declining basin and a complex tax regime has led to declining exploration and cash flows and the need for more investment in the sector,” said McCrae, who is based in Aberdeen and London.
“While oil prices are beginning a slow and steady ascent, the heady highs of five or ten years ago will not return in the foreseeable future.“
He added: “Those organisations who can demonstrate the ability to respond to these challenges by taking a long term view, innovating, adapting and gauging major trends such as the transition involved in decarbonisation, as they implement medium-long term investment plans and focus on their market-leading strengths, will reap the benefits.”