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United Kingdom Upstream Fiscal and Regulatory Report - Further Improvements Sought Despite Recent Tax Cuts

United Kingdom Upstream Fiscal and Regulatory Report - Further Improvements Sought Despite Recent Tax Cuts

Summary

“United Kingdom Upstream Fiscal and Regulatory Report - Further Improvements Sought Despite Recent Tax Cuts”, presents the essential information relating to the terms which govern investment into United Kingdom’s upstream oil and gas sector. The report sets out in detail the contractual framework under which firms must operate in the industry, clearly defining factors affecting profitability and quantifying the state’s take from hydrocarbon production. Considering political, economic and industry specific variables, the report also analyses future trends for United Kingdom’s upstream oil and gas investment climate.

Scope

  • Overview of current fiscal terms governing upstream oil and gas operations in United Kingdom
  • Assessment of the current fiscal regime’s state take and attractiveness to investors
  • Charts illustrating the regime structure, and legal and institutional frameworks
  • Detail on legal framework and governing bodies administering the industry
  • Levels of upfront payments and taxation applicable to oil and gas production
  • Information on application of fiscal and regulatory terms to specific licenses
  • Outlook on future of fiscal and regulatory terms in United Kingdom
Reasons to buy
  • Understand the complex regulations and contractual requirements applicable to United Kingdom’s upstream oil and gas sector
  • Evaluate factors determining profit levels in the industry
  • Identify potential regulatory issues facing investors in the country’s upstream sector
  • Utilize considered insight on future trends to inform decision-making


  • Regime Overview
    • Table Summary
    • Table Figure 1: Regime Flow Chart - UK and UKCS (excluding onshore Northern Ireland)
    • Table Figure 2: Regime Flow Chart - Onshore Northern Ireland
  • State Take Assessment
    • Table Figure 3: United Kingdom, Effect of 2016 Budget on Indicative State Take, 2016
    • Table Figure 4: United Kingdom, Indicative NPV10/boe, IRR, and State Take Comparison - Regional Peers, 2016
  • Key Fiscal Terms
    • Upfront Payments
      • Rentals
        • Table United Kingdom, "Innovate" Seaward License Rentals (£/km2), 2016
        • Table United Kingdom, License Rentals (£/km2), Pre-2016 Licenses
      • Royalties (Abolished January 1, 2003)
      • Royalties - Onshore Northern Ireland
    • Petroleum Revenue Tax
      • Application of Petroleum Revenue Tax
      • Supplement
      • Oil Allowance
      • Tariff Receipts Allowance
      • Cross-Field Allowance
      • Safeguard
      • Provisional Expenditure Allowance (Abolished from July 1, 2009)
    • Corporation Tax
      • Ring Fence Corporation Tax
        • Table United Kingdom, Ring Fence Corporation Tax Rates (%), 1975-2016
      • General Corporation Tax
        • Table United Kingdom, General Corporation Tax Rates (%), 1975-2016
      • Deductions and Depreciation
      • Mineral Extraction Allowance
      • Ring Fence Expenditure Supplement
    • Supplementary Charge
      • Application of Supplementary Charge
      • Investment Allowance
      • Cluster Allowance
      • Onshore Allowance
      • Previous Field Allowances
      • Ultra-High Pressure/High Temperature Field:
      • Ultra Heavy Oil Field:
      • Small Oil or Gas Field:
      • Deepwater Gas Field:
      • Large Deepwater Oil Field:
      • Large Shallow-Water Gas Field:
      • Additionally Developed Oil Field (Brownfield Allowance):
    • EU Emissions Trading Scheme
    • Customs Duties
    • Value Added Tax
  • Regulation and Licensing
    • Legal Framework
      • Table Figure 5: United Kingdom, Legal Framework
      • Governing Law
      • Contract Type
      • Title to Hydrocarbons
    • Institutional Framework
      • Table Figure 6: United Kingdom, Institutional Framework
      • Licensing Authority
      • Regulatory Agency
    • Licensing Process
      • Licensing Rounds
      • Out-of-Round Applications
      • Applicant Requirements
      • Work Program Proposals
      • Application Fee
      • Application Assessment
    • License Terms
      • Duration
        • Table United Kingdom, Current Licenses, License Duration (years)
        • Table United Kingdom, Previous Licenses, License Duration (years)
      • Relinquishments
        • Table United Kingdom, Relinquishment Requirements, Pre-2016 Licenses
    • Restrictions on Hydraulic Fracturing
  • Outlook
  • Contact Information

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