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KPMG says oil tax reform ‘levels playing field’

KPMG has said that ground-breaking new oil and gas tax rules would create a “level playing field” for North Sea investors. Mark Andrews, UK head of oil and gas at KPMG, said yesterday’s announcement from the Chancellor was “pleasing” as existing decommissioning tax rules have been a barrier to attracting new investment to the North Sea. […]

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November 23, 2017, 9:47 am | Author: Mark Lammey

Tax break could lead to rush of deals in North Sea

A ground-breaking new tax break for the oil sector will revitalise the North Sea and pave the way for a flurry of deals, industry experts said yesterday. They said the UK Government’s decision to let firms transfer tax credits would attract fresh investment to the basin and prolong production from mature fields. Industry bodies said […]

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November 23, 2017, 7:33 am | Author: Mark Lammey

Roger Esson to head up OGTC decom solution centre

The Oil and Gas Technology Centre (OGTC) in Aberdeen has appointed Roger Esson as Decommissioning Solution Centre manager. Mr Esson is currently the chief executive of Decom North Sea and has over 20 years’ experience of working within leadership positions within the oil and gas sector internationally. He has worked on numerous projects, including several […]

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November 23, 2017, 7:25 am | Author: David McPhee

North-east needs ‘to start talking itself up again’, says Jamie Stark

Buoyed by Chancellor Philip Hammond’s Budget announcement concerning North Sea tax reform, Jamie Stark, partner at Burness Paul, released a call to arms to operators within the north-east. For months, industry leaders and politicians have been calling for the reform to make it easier to sell mature oil and gas fields. Yesterday, Chancellor Philip Hammond […]

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November 23, 2017, 7:08 am | Author: David McPhee

Budget: Tax reforms could revitalise North Sea, EY’s Derek Leith says

The Chancellor’s pledge to reform oil and gas tax law could help revitalise the North Sea, an industry tax expert said. For months, industry leaders and politicians have been calling for the chancellor to allow decommissioning tax relief to be transferred to the new owner when an asset is sold. They said the reform would […]

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November 23, 2017, 6:45 am | Author: Mark Lammey

Opinion: North Sea must continue to build on oil price plunge’s legacy

The oil price decline of 2014 forced the global oil and gas industry to take a large step back and look at many of the ways it operated – nowhere more so than in one of the world’s most mature basins: the UK Continental Shelf (UKCS). Significant progress has been made in the interim, with […]

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November 23, 2017, 6:00 am | Author: Graham Hollis, Senior Partner for Deloitte in Aberdeen

Green’s Patrick Harvie hits out at North Sea tax reform

Scottish Green co-convener Patrick Harvie last night announced his dissatisfaction with Chancellor Philip Hammond’s Budget decision to reform the North Sea tax system. Harvie said further tax breaks for the North Sea would damage environmental efforts from the UK Government. In his Budget statement Hammond said he hoped the change in tax situation would encourage future […]

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November 23, 2017, 6:00 am | Author: David McPhee

Budget: Bob Ruddiman believes tax changes will act as North Sea ‘incentive’

Bob Ruddiman, head of oil and gas at legal firm Pinsent Masons, has welcomed Chancellor Philip Hammond’s Budget tax reform on Transferable Tax Histories for North Sea oil and gas operators. For months, industry leaders and politicians have been calling for the reform to make it easier to sell mature oil and gas fields. Yesterday, […]

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November 23, 2017, 6:00 am | Author: David McPhee

Budget: OGUK welcomes vital tax reforms for North Sea

Oil and Gas UK (OGUK) has welcomed the government’s decision to introduce transferable tax history for the oil and gas sector. For months, industry leaders and politicians have been calling for the reform to make it easier to sell mature oil and gas fields. Today, Chancellor Philip Hammond said transferable tax history would be introduced for the […]

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November 22, 2017, 3:37 pm | Author: Mark Lammey

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