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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.

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  • 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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