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8 Pages

UK Budget 2015: a step change for UKCS


UK Budget 2015: a step change for UKCS

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.


What's included?

This report includes 2 file(s)

  • UK Budget 2015: a step change for UKCS PDF - 470.35 KB 8 Pages, 1 Tables, 8 Figures
  • Budget insight charts and tables v2.xls XLS - 149.50 KB

Description

This Upstream Oil and Gas Insight report highlights the key issues surrounding this topic, and draws out the key implications for those involved.

This report helps participants, suppliers and advisors understand trends, risks and issues within the upstream oil and gas industry. It gives you an expert point of view to support informed decision making.

Wood Mackenzie's 500 dedicated analysts are located in the markets they cover. They produce forward-looking analysis at both country and asset level across the globe, backed by our robust proprietary database of trusted research.

Proprietary data means a superior level of analysis that is simply not available anywhere else. Wood Mackenzie is the recognised gold standard in upstream commercial data and analysis.

  • 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

In this report there are 9 tables or charts, including:

  • Executive summary
    • UK Budget 2015: a step change for UKCS: Image 1
  • Background
  • SCT reduction
  • PRT reduction
  • Investment allowance
  • Implications
    • Comparison of fiscal competitiveness
  • Producing fields
    • Value of PRT paying fields
    • UK Budget 2015: a step change for UKCS: Table 1
    • UK Budget 2015: a step change for UKCS: Image 4
    • UK Budget 2015: a step change for UKCS: Image 5
    • UK Budget 2015: a step change for UKCS: Image 6
    • UK Budget 2015: a step change for UKCS: Image 7
    • UK Budget 2015: a step change for UKCS: Image 8
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