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UK Budget 2015: a step change for UKCS

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20 March 2015

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.

Table of contents

  • Executive summary
  • Background
  • SCT reduction
  • PRT reduction
  • Investment allowance
  • Implications
    • 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:

  • UK Budget 2015: a step change for UKCS: Image 1
  • Comparison of fiscal competitiveness
  • 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

What's included

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  • Document

    UK Budget 2015: a step change for UKCS

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