Insight
UK Government provides certainty on decommissioning tax relief
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Report summary
Budget 2013 reiterated the UK Government's commitment to create certainty on the tax relief available on decommissioning spend. Before the end of 2013, it will sign the first contracts with industry to guarantee the rate of tax relief companies will receive. These guarantees are positive for the UKCS.
Table of contents
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Certainty on tax relief for decommissioning
- Cost of decommissioning
- Impact of tax relief certainty
- Increased investment
- Improvement in mature asset market
- Changing ownership reinvigorates assets
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But, challenges remain
- Increasing costs
- Increasing regulation
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Company perspective
- Highest decommissioning spend means majors will receive most tax relief
- But others with large, mature portfolios also benefit from the tax relief
- Appendix - Decommissioning Security
Tables and charts
This report includes 4 images and tables including:
- Decommissioning expenditure by year
- Annual production pre and post deal on a UK field
- Estimated decommissioning spend by year
- Future UK decommissioning tax relief (top 20 companies)
What's included
This report contains:
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