DNS, OGA ‘aligned’ on need for urgent action to save jobs
Decom North Sea (DNS) and the Oil and Gas Authority (OGA) are “aligned” on the urgent need to stimulate decommissioning activity so that North Sea jobs can be saved.
decommissioning tax relief
Opinion: Taking down the decommissioning barrier to M&A
The fall in the world price of crude has been at the centre of a number of obstacles that are currently stifling many North Sea M&A transactions. This factor, along with a lack of acquisition finance and the persistent gap between the price sellers want for assets and the one buyers are prepared to pay, is making valuations hard to land. Where late life assets are concerned, decommissioning liabilities, which can often erode any value in what might otherwise be a viable transaction, are proving another major issue, preventing many deals from getting over the line.
Tax relief reform vital for bringing new investment to North Sea, Chrysaor chief says
The UK Government must let oil companies transfer tax histories if it is serious about attracting investment to the North Sea, an industry chief said yesterday.
Updated: Hope dawns for ‘vital’ North Sea tax relief
Hopes that the Treasury might deliver a boost to the beleaguered North Sea in today’s Spring budget have been raised by plans to help the “vital” oil and gas industry.
Finance secretary joins calls for decommissioning tax relief ahead of Budget
The Chancellor has been challenged to “step up to the plate” and support the oil and gas industry in next week’s Budget.
Exclusive: Theresa May hails north-east oil sector, tight-lipped on Budget support
Theresa May hailed the north-east's "world class” oil and gas sector last night as she pledged her support to ensuring its continued competitiveness on the international stage.
SNS 2017: Industry calls for decommissioning tax relief reforms ahead of Budget
Industry chiefs have reiterated their calls for reforms of the decommissioning tax relief system ahead of next week’s Budget.
Banks ‘key to unlocking oil investment’
Banks have a key role in helping to unlock billions of pounds of extra oil and gas industry investment, a leading lawyer said yesterday.
Support for industry in the shape of alignment with Government
Ten years into my association with UK oil and gas industry's leading trade association, I have growing confidence that a framework is emerging to enable maximum recovery of Britain's offshore oil and gas and to build on the jobs, innovation and exports already supported by the sector.
Hayes hails relief deal
Energy Minister John Hayes told oil and gas companies yesterday he hoped the chancellor's announcement on decommissioning tax relief last week would ease their anxieties over future investment.
Investing made more viable
Oil companies welcomed changes which will guarantee tax relief on future decommissioning costs.
Thistle field grows 1,000 jobs
Nearly 1,000 oil and gas jobs are to be created under plans announced yesterday for a £169million investment in the North Sea.
UK exploration up by third
Tax allowances and high oil prices boosted drilling in the UK North Sea by one- third last year, according to a review published today.
Charles Hendry – energy legend
A lot has changed in the UK's oil and gas industry in the past two years - mostly for the better.
Record Pilot Share Fair registrations reflect growing confidence in oil and gas
If planned attendance at the industry's foremost business development event is anything to go by, confidence is returning to the UK oil and gas sector in leaps and bounds.
‘Hot contenders’ await news of £5billion oilfield project
A key engineering design contract for Chevron's multibillion pound Rosebank oilfield development project west of Shetland will be announced in Aberdeen today by UK Energy Minister Charles Hendry.
Decom mirage giving way to hard reality
I have read many reports on the UKCS decommissioning market over the last decade, as many other people in the industry must also have done. All have proved to be wildly inaccurate in relation to both the size and timing of the market, which has been very much smaller than predicted.
“What a difference a year makes”
A year ago the industry was reeling in shock at a surprise £10billion tax grab on oil and gas producers.
Norwich MP takes on oil industry taxation role
A NORWICH MP has been given a key Treasury role charged with handling economic issues, including North Sea oil taxation.