Insight
UK Budget 2015: a step change for UKCS
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Report summary
Amid a difficult start to the year with many UKCS operators in a cash-flow negative position, Chancellor George Osborne announced four fiscal measures aimed at boosting investment in the United Kingdom Continental Shelf (UKCS). We calculate a transfer of value (NPV10 at 1 Jan 2015) of the UKCS from the government to the companies, by around £13 billion, taking the company value from £46 billion to £59 billion.
Table of contents
- Executive summary
- Background
- SCT reduction
- PRT reduction
- Investment allowance
- Implications
-
Producing fields
- Fields with no value allowance under the old regime
- Fields with value allowances
- Treatment of fields with BFAs
- Will other incremental projects benefit?
- Clair Ridge incremental economics
Tables and charts
This report includes 9 images and tables including:
- Comparison of fiscal competitiveness
- Value of PRT paying fields
What's included
This report contains:
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