Country Report

United Kingdom upstream summary

13 March 2023

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13 March 2023

United Kingdom upstream summary

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
- Other key players
- Capital investment
Geology
- Introduction
- Central North Sea
- Northern North Sea
- Southern Gas Basin
- West of Britain
- Atlantic Margin
- Onshore
Exploration
- Licensing
  - Climate Compatibility Checkpoint
  - Recent licensing rounds
- Carbon, Capture Utilisation and Storage (CCUS) Licences
  - CCUS policy
  - UK's first CCS licensing round
  - CCUS ambitions and actions
  - Current CCUS licences
- Drilling
  - Drilling activity
  - Offshore
  - Recent Activity
  - Historical Drilling Activity
  - Success rates
- Unconventionals
  - Historical unconventionals activity
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:
- UK government's plan for net zero carbon
- European Union Emissions Trading Scheme (EUETS)
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) and Supplementary Charge (SC)
  - Energy Profits Levy (EPL)
  - Petroleum Revenue Tax (PRT)
  - Fiscal treatment of 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 48 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 01/01/2023
Liquids and Gas Production 2023
Capital Expenditure 2023
Net Acreage 2023
UK Offshore - Structural / Topographic Map
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
Infrastructure: Table 1
Infrastructure: Table 2
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
Exploration: Table 7
UK Exploration and Appraisal Drilling Activity 1965 - February 2023 (includes sidetracks and onshore wells)
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
Sample Cash Flow
Fiscal terms: Table 8
Fiscal terms: Table 9
Fiscal terms: Table 10