The Guardian, today:
Brexit would land the oil and gas industry with a half-billion-pound bill if EU exit talks end with the UK leaving on World Trade Organisation rules, Theresa May has been warned.
The costs for trading £73bn worth of oil and gas annually would jump from £600m a year now to £1.1bn in a worst case WTO scenario, analysis [by EY] for the industry trade body found.
At best, if the UK could strike more favourable tariffs with non-EU countries, the cost of trade might fall to £500m, Oil and Gas UK said.
The trade body also argued that post-Brexit freedom of movement should not be curtailed in a way that would put the industry at a “competitive disadvantage” with other countries. About 10% of the UK oil and gas sector is from outside the country, slightly above the national average.