The energy sector has lately undergone a turbulent period in business and regulatory terms. Due to the global increase in energy prices, the increase in demand for energy, the discovery of gas fields off the coast of Israel and the geopolitical instability in our region, the energy sector requires enormous investments, stirs fierce competition and entails high business risks.
Except for the above, one should also take into account the substantial regulatory changes that occurred in the last year – the Sheshinski Committee, Environmental Regulations and extensive disclosure requirements of the Securities Authority and new legislation that may be introduced in connection with the policy for grant of gas exploration licenses.
Energy has become a more prominent topic around the world. Consumers have faced supply and higher prices. Governments are concerned about energy security and climate warning. Energy companies are facing an increasing complex environment, full of conflicting priorities, changing geopolitics, tightening regulatory requirements, greater competition and higher stakeholder demands. In addition, as from 2011, further to the findings of the Sheshinski Committee, major changes have taken place with regards to taxation.
Our global energy practice focuses on delivering professional services to companies of all sizes, across all segments of the industry. We provide industry-specific solutions in the fields of audit and assurance, tax, transactions, performance improvement, human resources and crisis management to help companies address their business and stakeholder issues
PwC has been providing professional services to companies in the energy industry for more than 100 years; PwC audits oil and gas companies in all sectors – including national, international, upstream, midstream, downstream and oil field services companies.
Our dedicated oil and gas professionals have in-depth knowledge that allows them to walk and talk the industry with their clients.
Our approach starts at the same point as your business – with your strategies and business objectives.
We help companies confront the industry's most challenging changes and issues by developing effective solutions and strategies. PwC delivers a range of services to help oil & gas companies address the many challenges they face today.
• Complying with regulatory and reporting requirements
• Improving performance and operational effectiveness
• Industry transactions and consolidation
• Risk management
• Securing the supply
• Addressing sustainability
• Raising capital and credit
Audit and Assurance
PwC's global audit market share of the energy sector is 32%.
PwC auditors around the world use a single, global audit methodology, fully compliant with International Auditing Standards and applicable national standards. Our globally consistent approach to the audit means that regardless of location, PwC people can understand and evaluate your business using a single language and common methods. In turn, that gives you a uniform level of quality in all our audits. This methodology also enables us to quickly organize and deploy the kinds of multinational audit teams often required by our larger energy clients.
In addition to audit services, we offer a full range of assurance services to energy companies – covering areas such as statutory audit, regulatory risk, Sarbanes-Oxley compliance, independent review of controls and processes, and advice on acquisitions, alliances and disposals.
Operating in a territory and market characterized with liberalization and enormous demand, pushes the market participants - government, regulators, private players – to effectively respond to challenges. Our advisory services put the oil & gas companies and other industry stakeholders at the leading edge. Whether your challenges include alternative market opportunities, responding to events or coping with the daily pressure of growth, shareholder value, competition, the ways to cope with the technological developments or financial downturns we are there to help. We are able to deploy trusted professionals with unparalleled knowledge of industry insight, business processes as well as financial and accounting knowledge.
The regulatory, consumer and shareholder pressure on oil and gas companies to deliver sound performance is becoming even more intense in a volatile cost environment. To support your sustainable performance, we: Assess and improve your current situation regarding operations, organization, processes, information technology including the underlying financial and reporting systems. Help you to identify and act on the governance, risk and compliance issues.
Align your strategic objectives with your operations and information technology. Work with you to identify, select and implement technology solutions that fit your needs.
Our services focus on the client issues and on delivering enhanced value to shareholders.
We have the strongest international network of any professional services firm, with dedicated tax specialists in 154 countries. This means that we can support you both locally and globally, wherever you require tax advice. Our tax professionals solve challenging issues, anticipate changes that can impact your tax situation and financial statements, and keep you apprised of local, state, foreign and international tax regulations as they pertain to your company's operations. Our industry and tax authority experience and unique capabilities enable us to develop innovative approaches for energy industry participants. Our network of international tax structuring professionals can enable you to structure your international business in a tax efficient manner, both locally and globally. We can help you construct effective cross-border strategies and manage your global structural tax rate. We deliver value thorough quantitative analysis, rigorous implementation and leading-edge structuring techniques and carry out pre-acquisition due diligence. Our firm has extensive expertise in matters relating to the Oil Gains Taxation Law and it assists companies prepare themselves to the significant changes this law has introduced.