It’s hard to imagine that there will be a best time to look for oil. After all, it takes millions of years to form and therefore we are not going to suddenly see an influx of new oil in areas previously exhausted.

However, there are still times that will be particularly good for oil companies to start looking for oil. The tax that governments levy on the oil industry varies not only from country to country but also from budget to budget. For example, only very recently, our own government decided to publish new tax rules for mining in the North Sea, making it far more profitable for companies to seek oil in that area.

Therefore, the best time for oil companies to search for oil is at specific times when favourable tax breaks make it more beneficial. In turn, the cost of oil will drop all over the world and the in turn economies will benefit.

Since oil is such an integral part of almost all industries, being able to maximise our ability to mine such a product is important to all of us, and such major tax savings will also simply go to helping increase safety at sea. Items such as marine doors and blast doors are extremely important to ensure the safety of those working out at sea and if the process of mining the oil itself is not a profitable one, then buying the highest quality marine doors will not be at the top of such company’s prority lists.

Therefore, for companies looking to optimise their profit, checking tax laws in any given area is a must, and for those who are worried about the impact of reduced taxes on such an industry, just remember how integral oil is and how much safer those workers will be with the ability to get the right bl