Chief executives at three of the top four UK oil and gas producers have publicly backed the campaign to keep the UK within the European Union.
In a decision that could have major global trading ramifications, UK citizens began voting earlier today in the historic referendum to determine whether they want to remain part of the EU. Voting closes at 10pm UK time (5pm EDT, 3pm MDT)
CEOs at Anglo-Dutch Royal Dutch Shell, BP Plc. and France’s Total showed their public support for the Remain campaign earlier this week. They featured in media outlets in a list of 1,280 prominent business leaders urging the British public not to “Brexit”, together with executives from Centrica plc and smaller producers active in the UK such as EnQuest plc, ENGIE, MOL and BHP Billiton. Combined, the energy executives on the list of Remain supporters control approximately 510,000 boe/d of UK North Sea production.
Speculation has been rife from campaigners on both sides of the EU debate over the geopolitical and economic consequences should the UK “Brexit.” The value of the GBP pound has fluctuated significantly in recent times on the back of referendum campaign messaging (much of it negative in nature), as well as speculation over the economy post-referendum and opinion polls showing how tight the vote could be.
Source: Evaluate Energy
- Royal Dutch Shell reported 103,000 boe/d itself and then assumed 97,000 boe/d in its acquisition of BG Group Plc, which closed post-year end, resulting in its estimated total of 200,000 boe/d in the above chart.
- “Other” in the chart includes three companies: France’s ENGIE (formerly GDF Suez), Hungary’s MOL (both 5,000 boe/d) and Australia’s BHP Billiton (3,000 boe/d)
- China’s CNOOC Ltd., the second biggest producer on the list after its 2013 acquisition of Nexen Inc., was not represented in the list of 1280 companies, but it’s stance on the UK referendum is unknown.