‘Diminishing hopper’ of big North Sea projects a leash on firms’ ability to offset tax hike
Westminster’s hopes of spurring North Sea spend in the coming years could be derailed by one fundamental issue: a lack of available projects.
tax relief
New Norwegian tax proposals will help spur offshore investment
In February, the Norwegian Ministry of Finance announced a consultation on the proposal that Norway extend its taxing rights. This would include non-resident companies undertaking certain offshore activities in renewable energy.
Shell gets £60m refund from UK Government for Brent field decommissioning
Shell has revealed it received more than £60m back from the UK Government last year in relation to decommissioning its Brent field in the North Sea.
‘No time to waste’ in reforming decommissioning tax regime
The head of a North Sea industry body has urged the UK Treasury to save itself tens of millions of pounds by letting oilfield owners transfer tax histories.
UK Govt launch discussion paper on possible tax relief for late lift North Sea assets
The UK Government has launched a discussion paper on possible North Sea tax relief for late life assets.
EY’s Derek Leith: North Sea decomm tax relief broken down
While the North Sea is far from being on its last legs, the collapse in the price of oil and the high cost of running ageing infrastructure does mean that production is becoming uneconomic in an increasing number of fields. This has brought decommissioning activity into sharp focus, for upstream producers as well as the supply chain. Similarly, the subject of decommissioning tax relief has attracted much press coverage in recent months.
Flashback: North Sea highlights from the last two Spring Budgets
With Chancellor Philip Hammond set to deliver his first Spring Budget today, oil and gas will be no different to any other industry in hoping for extra support.
More North Sea licences up for grabs next year
The UK Government is planning to put the 28th set of North Sea exploration licences up for grabs early next year.
Confidence lifted by high oil prices and improved UK fiscal climate
An annual review of the oil and gas exploration and production (E&P) sector by market analyst Wood Mackenzie found high oil prices and constructive tax talks between the UK Government and industry had increased investor confidence.
Speech to deliver North Sea boost
Chancellor George Osborne is poised to deliver a fresh boost to the North Sea oil and gas industry in his Autumn Statement today.
Fewer Scottish firms benefiting from scheme
The willingness of wealthy private investors to back fledgling Scottish companies dipped significantly last year, according to a new report by international law firm Pinsent Masons.
Row over North Sea revenues in an independent Scotland
A fresh political row has erupted over the role of North Sea oil and gas in an independent Scotland after the revenues forecast for the next 30 years were halved.
Market move in wake of Budget
BP has reportedly put nearly £2billion of North Sea assets on the market after the chancellor's Budget last week.
Alexander holds out hope of relief for energy firms
Chief Secretary to the Treasury Danny Alexander said yesterday that the UK Government hopes to introduce further tax relief for the oil and gas industry in next year's Budget.
Call to halt slump in offshore oil sector
CHANCELLOR Alistair Darling last night faced new demands for tax relief to head off decline in the offshore energy industry, after the government said it has had to put off offering more exploration and development licences.