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.
New changes for decommissioning tax rules will help end “areas of dispute” between the industry and UK government, according to a leading expert.
The forecast for tax revenue the UK Treasury will take from oil and gas in the future has been slashed by the Office for Budget Responsibility (OBR).
Former UK energy minister Claire O’Neill has slammed the government’s “cavalier attitude” and in-fighting in the lead up to the COP26 climate summit in Glasgow.
Shell paid billions of dollars in tax in 2019 to governments around the world. But in four countries, the energy giant got money back.
A House of Lords committee has called on the government to “completely rethink” a controversial tax reform which will have sweeping implications for North Sea contractors.
A House of Lords investigation into upcoming IR35 reforms has been told that additional guidance is needed on employment definitions in the UK.
A government review has been launched into new tax rules expected to hit thousands of contractors across the oil and gas industry.
The Treasury has said it “remains committed” to changes to contractor pay rules by April, despite a delayed budget and the upcoming general election.
More than 16,000 people have backed a campaign to stop changes to contractor pay rules which will widely impact the North Sea energy sector.
The UK Government has agreed to pay up to £400million in oil and gas decommissioning relief to one of Japan’s largest trading companies.
The UK Treasury has “reaffirmed” the UK government’s commitment to the North Sea in a visit to Aberdeen yesterday.
The Treasury is unlikely to reverse North Sea tax breaks in the upcoming Budget amid industry warnings it could cause “irreversible damage”, it emerged last night.
Customs charges for the offshore industry worth up to £145million which were set for to start in July have been pushed back by nearly a year.
A UK Treasury minister has called for North Sea industry to seize the opportunity to become a pioneer in offshore decommissioning.
Scotland will be at the forefront of the future of oil and gas, the Exchequer Secretary to the Treasury will claim today as Offshore Europe gets under way in Aberdeen today.
The UK Government has launched a discussion paper on possible North Sea tax relief for late life assets.
The publication of a UK Treasury paper designed to provoke discussion on North Sea tax relief has been welcomed.
The North Sea is finally "coming up for air" after a tough two years, according to a leading industry expert.
A warning has been raised taxpayers could face a £24billion bill for decommissioning oil and gas fields in the North Sea.
News that the UK Government has incurred a loss from North Sea oil and gas production for the first time since records began is clearly very concerning.
Kemp says low oil price will lead to ‘greater emphasis’ on cost reduction but will curtail new investment
Leading oil and gas economist Professor Alex Kemp said a continued low oil price could lead to a "greater emphasis" on cost reduction, but was also likely to curtail investment in new fields and exploration. Prof Kemp made the analysis after Asco chief executive Alan Brown exclusively told Energy Voice he thought a continued oil price of $50 a barrel could be a "very good" thing for the North Sea. Brown said it would force greater collaboration between the operators and supply chain as companies were forced to work more closely together.
First Minister Nicola Sturgeon believes Aberdeen can remain Europe’s energy capital for the next half century – with the right support from the Treasury. The SNP leader will bring her Cabinet to Aberdeen today, and make fresh calls for UK Government support for the vital offshore sector. She and her ministers will be involved in 22 visits and meetings with local companies, organisations and ordinary members of the public across the city. The First Minister said she wanted to “harness the energy we saw during the referendum campaign on both sides of the debate” and use it to tackle day-to-day issues in communities across Scotland.
The UK Treasury has moved the launch of an investment allowance consultation forward after calls were made by the oil and gas industry. The Chief Secretary to the Treasury and Danny Alexander and the Exchequer Secretary made the announcement following a meeting in Edinburgh. The allowance, which was first announced in the Autumn Statement, is a single, basin-wide capital expenditure linked investment allowance.
I’ve been told that scores of companies in and around Aberdeen are now letting go of people as the oil price-driven depression deepens in high cost oil & gas provinces around the globe. The likelihood is that several thousand jobs in our area have either gone or are about to be axed. Remember, it’s not just the UKCS that’s being hammered.