Country report
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70 Pages

United Kingdom upstream summary


United Kingdom upstream summary

Report summary

The UK is an ultra-mature region that has been producing hydrocarbons offshore since 1967. To date 44 billion boe of oil and gas has been produced, and we model a further 6.6 billion boe of reserves. The UK has established infrastructure, a stringent, but streamlined regulatory regime and low barriers to entry for new companies.There is 311 producing fields in the UK at the time of writing. Distributed by the following development types:Subsea - 134 fieldsFixed platform - 134 fieldsExtended ...

What's included?

This report includes 2 file(s)

  • Country Overview PDF - 1.92 MB 70 Pages, 35 Tables, 15 Figures
  • Country Overview XLS - 1.41 MB

Description

Volatility in oil markets has led players in the upstream oil and gas industry to focus on reducing capital spend and operating costs. At the same time, governments need to review fiscal terms to maintain attractiveness and investment.

This country report gives an overview of the key upstream issues for this country. If you’re interested in identifying and assessing upstream investment and expansion opportunities, this upstream summary is your definitive commercial guide.

Potential investors, governments and companies in the oil and gas sector can use it to gain a better understanding of the critical issues for development opportunities in this country.

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 commercial data and analysis.

  • Executive summary
  • Key facts
  • Location maps
  • Key companies
  • Geology
    • Introduction
    • Central North Sea
    • Northern North Sea
    • Southern Gas Basin
    • West of Britain
    • Atlantic Margin
    • Onshore
  • Exploration
    • Licensing
      • Recent Licensing Rounds
      • Past Licensing Rounds
      • Future licensing rounds
    • Drilling
      • Drilling activity
      • Offshore
      • Recent Activity
      • Historical Drilling Activity
      • Success rates
    • Unconventionals
  • Reserves and resources
  • Production
    • Oil
    • Gas
  • Infrastructure
    • Introduction
    • Pipeline Systems
    • Oil infrastructure
    • Gas infrastructure
  • Costs
    • Capital costs
      • Capital expenditure by location
    • Operating costs
      • Operating expenditure by location
  • Policy and regulation
    • Key legislation
    • Regulatory body
    • Licensing
      • Current licence types:
      • Historical licence types:
    • European Union Emissions Trading Scheme (EUETS)
  • Fiscal terms
    • Overview
    • Upstream
    • Mid/Downstream
      • Pipelines
      • Gas Utilisation
    • Current fiscal terms
    • Concessions
      • State equity participation
    • Bonuses, rentals and fees
      • Signature bonuses
      • Production bonuses
      • Area rentals
      • Training fees
      • Other bonuses and fees
    • Indirect taxes
      • VAT
      • Import duties
      • Social development levies
    • Royalty and other production taxes
      • Royalty
      • Export duty
      • Environmental / CO2 taxes
      • Other Production Taxes
      • Contractor Revenue Entitlement
    • Product Pricing
      • Liquids Pricing
      • Natural Gas Pricing
    • Corporate (or Petroleum) Income Tax
      • Tax Rate
      • Taxable Income
    • Value Allowances
      • Investment Allowance
      • HP/HT Cluster Area Allowance
      • Onshore
      • Capital Allowances
      • Scientific Research Allowance
      • Decommissioning
      • Investment uplift/credit
      • Loss Carry Forward
      • Ring Fence Expenditure Supplement (RFES)
      • Offshore Bareboat Chartering
    • Petroleum Revenue Tax (PRT)
      • Tax Rate
    • Sample Cash Flow
      • Methodology
    • Transfer of a licence interest
      • Corporation Tax Considerations
      • Extension of Roll-Over Relief to Oil Licences
      • Company Sale
    • Historical background
      • Pre-1980
      • 1980s
      • 1990s
      • 2000s
      • 2010s
    • Obsolete Taxes
      • Royalty
      • Petroleum Revenue Tax (PRT)
      • Supplementary Petroleum Duty (SPD)
      • Advance Petroleum Revenue Tax (APRT)
      • Gas Levy
    • Obsolete Value Allowances
      • Pre-March 2015 Allowances
      • PRT Relief Allowances

In this report there are 50 tables or charts, including:

  • Executive summary
  • Key facts
    • Key facts: Table 1
  • Location maps
    • Country Map
  • Key companies
    • Remaining Commercial and Technical Reserves at 01/01/2016
    • Liquids and Gas Production 2016
    • Capital Expenditure 2016
    • Net Acreage 2016
  • Geology
    • UK Offshore - Structural / Topographic Map
  • Exploration
    • Exploration: Table 1
    • Exploration: Table 2
    • Exploration: Table 3
    • Exploration: Table 4
    • Exploration: Table 5
    • Exploration: Table 6
    • UK Exploration and Appraisal Drilling Activity 1965 - January 2016 (includes sidetracks and onshore wells)
    • Technical and Commercial Success Rates
  • Reserves and resources
    • Reserves and resources: Table 1
    • Reserves and resources: Table 2
    • Reserves and resources: Table 3
  • Production
    • Production: Table 1
    • Production: Table 2
    • Liquids Production by Region
    • Liquids Production by Development Status
    • Production: Table 3
    • Production: Table 4
    • Production: Table 5
    • Production: Table 6
    • Gas Production by Region
    • Gas Production by Development Status
    • Production: Table 7
    • Production: Table 8
  • Infrastructure
    • Pipeline Systems in the UKCS
    • Infrastructure: Table 1
    • Infrastructure: Table 2
  • Costs
    • Costs: Table 1
    • Costs: Table 2
    • Costs: Table 3
    • Costs: Table 4
    • Costs: Table 5
    • Costs: Table 6
    • Costs: Table 7
    • Costs: Table 8
  • Policy and regulation
  • Fiscal terms
    • Fiscal terms: Table 1
    • Fiscal terms: Table 2
    • Fiscal terms: Table 3
    • Fiscal terms: Table 4
    • Marginal Government Take Calculation
    • Major Oil Taxation Changes 1973 to 2015
    • Top Marginal Rate of Tax for New Fields and Forties with Oil Price (£ money of the day)
    • Fiscal terms: Table 6
    • GEM models
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