Shell received a refund from the UK Government of around $100 million in 2020, according to new figures.
petroleum revenue tax
The Office for Budget Responsibility (OBR) has cut its forecast for North Sea oil tax receipts to the UK Treasury.
A government report has revealed CNOOC was the biggest tax spender in the North Sea last year while energy giant Shell paid the least on balance after a reimbursement.
UK Government ministers knew that a controversial tax change in 1993 would “undoubtedly depress” exploration in the North Sea.
Earlier this year, Endeavour International became the first operator to ask the Department of Energy and Climate Change (DECC) to rule on a UK North Sea pipeline access price disagreement. The target was Canadian group Nexen.
In many ways, today's operating environment is very different from that which was being experienced when Oil & Gas UK last published its activity forecasts 12 months ago.
The UK arm of Abu Dhabi national energy company TAQA revealed yesterday it is to take advantage of a recent UK Government tax incentive to bring on stream an undeveloped accumulation of oil in the North Sea.
The possibility of changes in offshore oil and gas taxation after the general election will be raised today.