United Kingdom upstream summary Report

Country Report 13 March 2024

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Report summary

Provides a detailed description of reserves, production, infrastructure and fiscal terms for the UK upstream sector.

Executive summary
Key facts
Location maps
Key companies
- Majors
- Independents
Geology
- Introduction
- Central North Sea
- Northern North Sea
- Southern Gas Basin
- West of Britain
- Atlantic Margin
- Onshore
Exploration
- Licensing
  - 33rd Offshore Round
  - 32nd Offshore Round
- Carbon storage licensing
- Drilling
  - Drilling activity
  - Historical drilling
  - Success rates
- Unconventionals
  - Historical activity (2013-2016)
Reserves and resources
Production
- Oil
- Gas
Infrastructure
- Introduction
Costs
- Capital costs
  - Capital expenditure by location
- Operating costs
  - Operating expenditure by location
Policy and regulation
- Key legislation
- Regulatory body
- North Sea Transition Authority (NSTA)
  - Energy
  - Transition
  - Value
- UK North Sea Transition deal
- UK Emissions Trading Scheme (UKETS)
  - EU ETS
- Licensing
  - Climate Compatibility Checkpoint
- Licence types
  - Offshore Innovate Licence (up to nine years)
  - Petroleum Exploration and Development Licence (PEDL)
  - Carbon Storage licences
- Historical licences
  - Seaward exploration licence
  - Seaward production licence (Traditional)
  - Seaward production licence (Promote)
  - Seaward production licence (Frontier six years)
  - Seaward production licence (Frontier nine years)
Fiscal terms
- Overview
- Upstream
- Mid/Downstream
  - Pipelines
  - Gas utilisation
- Current fiscal terms
  - Government equity participation
  - Ring fencing
  - Bonuses, rentals and fees
  - Indirect taxes
  - Royalty
  - Ring Fence Corporation Tax (RFCT) & Supplementary Charge (SC)
  - RFCT deductions
  - Supplementary Charge Investment Allowance
  - (HP/HT) Cluster Area Allowance
  - Onshore (Pad) Allowance
- Energy Profits Levy (EPL)
  - EPL timeline
  - Labour Party proposals
  - Petroleum Revenue Tax (PRT)
  - Decommissioning
  - Product pricing
- Historical background
  - Royalty
  - Petroleum Revenue Tax (PRT)
  - Supplementary Petroleum Duty (SPD)
  - Advance Petroleum Revenue Tax (APRT)
  - Gas Levy
  - Writing Down Allowance (WDA) for RFCT
  - Obsolete field allowances (for Supplementary Charge)

Tables and charts

This report includes 47 images and tables including:

Key facts: Table 1
Country map
Reserves and resources: Table 1

Reserves and resources: Table 2
Reserves and contingent resources at 01/01/2024
Liquids and Gas Production 2024
Capital Expenditure 2024
Net Acreage 2024
UK offshore - structural / topographic map
Exploration: Table 7
Production: Table 1
Production: Table 2
Liquids production by sector
Liquids production by development status
Production: Table 3
Production: Table 4
Gas production by region
Gas production by development status
Pipeline systems in the UKCS
Oil infrastructure
Gas infrastructure
Concessions
Top marginal rate of tax for new fields and forties with oil price (£ money of the day)
Exploration: Table 1
Exploration: Table 2
Exploration: Table 3
Exploration: Table 4
Exploration: Table 5
Exploration: Table 6
UK E&A drilling (includes sidetracks & onshore)
Geological and commercial success rates
Costs: Table 1
Costs: Table 2
Costs: Table 3
Costs: Table 4
Costs: Table 5
Costs: Table 6
Costs: Table 7
Costs: Table 8
Fiscal terms: Table 2
Fiscal terms: Table 3
Fiscal terms: Table 4
Fiscal terms: Table 5
Fiscal terms: Table 6
Fiscal terms: Table 7
Fiscal terms: Table 8
Fiscal terms: Table 9