UK government revenues from oil and gas taxes have plummeted by more than 70% due to effects of the recent price crash and decommissioning repayments.
Shell paid billions of dollars in tax in 2019 to governments around the world. But in four countries, the energy giant got money back.
Norway has outlined plans for “extremely rare” changes to its tax regime to save the crisis-hit oil industry which would be “very welcome” for UK firms, according to an expert.
Energy giant Shell paid no taxes on its upstream oil and gas business to the UK government last year, instead receiving large rebates, according to a new report.
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.
A North Sea tax expert has warned that any move by the UK Government to extract more revenue from the oil and gas industry is likely to have devastating consequences.
Vladimir Putin’s government is considering shifting the burden of oil taxes from the point of export to the point of extraction, a move that would eliminate the benefit of duty-free supplies enjoyed by neighboring Belarus and Kazakhstan, according to two officials familiar with the matter.
President Rafael Correa is raising taxes and imposing a one-off levy on millionaires to rebuild cities devastated by Ecuador’s worst earthquake in decades.
The UK government is on a mission to maximise economic oil and gas recovery from the UK Continental Shelf (UKCS) as higher development costs for aging oil and gas fields, depressed global oil prices and projections of slower global economic growth put even more pressure on the industry.
Petrobras has been told it must pay $1.9billion in back taxes and fines related to deductions on its 2007 and 2008 filings.
Scotland’s First Minister has called on the UK Government to lower taxes on the oil and gas industry in the forthcoming March Budget. Nicola Sturgeon said Chancellor George Osborne should take “urgent action” to protect jobs in the North Sea as she convened a special session of the Scottish Cabinet in Edinburgh. Ms Sturgeon said Finance Secretary John Swinney would seek an urgent meeting with the Chancellor to set out the Scottish Government’s view.