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Decom

Opinion: Brexit to decommissioning – UK’s oil and gas future

03/02/2017

Following Brexit and the continued stagnation of the oil and gas price, 2016 will long be remembered for all the wrong reasons. However, despite the rather gloomy past, 2017 is shaping up to be a far better year for the industry. With advancements in technology and testing, 2017 is set to see new, green shoots of growth return to the sector.

Decom

Opinion: Decommissioning tax breaks a bad deal for the UK taxpayer

29/11/2016

Despite Professor Alex Kemp’s justification for decommissioning tax breaks, any break is a very poor deal for the UK taxpayer. Current levels are set at 75% or 50 % for respective petroleum revenue tax (PRT) paying and non-PRT fields. With estimates of the total decommissioning cost at ca £40billion, the taxpayers’ portion is, by any fiscal measure, a huge sum of money. It equates to approximately £1,000 per UK taxpayer. Furthermore, should decommissioning costs increase, as many suspect they will, the risk to the taxpayer is obvious.

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