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Summary“United Kingdom Upstream Fiscal and Regulatory Report”, 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 licensing 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- Detail on legal framework and governing bodies administering the industry- Levels of upfront payments and taxation applicable to oil and gas production- Detailed information on the petroleum resource tax, ring fence corporation tax and supplementary charge- Explanations of all the field allowances offered as deductions against the supplementary charge- Details of fiscal regime changes to be included in Finance Bill 2015- Information on the specific provisions applicable to onshore Northern Ireland- Assessment of the current fiscal regime’s attractiveness to investors- Outlook on future of fiscal and regulatory terms in United KingdomReasons 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
Table of ContentsRegime OverviewRegime Flow Chart - UK and UKCS (excluding onshore Northern Ireland)Regime Flow Chart - Onshore Northern IrelandFiscal Take AssessmentKey Fiscal TermsRegulation and LicensingOutlookContact InformationList of TablesUnited Kingdom, License Rentals, 2015United Kingdom, Ring Fence Corporation Tax Rates (%), 1975-2015United Kingdom, Corporation Tax (Main Rate), 2000-2015United Kingdom, License DurationUnited Kingdom, Relinquishment RequirementsList of FiguresRegime Flow ChartUnited Kingdom, Indicative NPV10/boe, IRR and Fiscal Take Comparison - Regional, 2015United Kingdom, Indicative NPV10/boe, IRR and Fiscal Take Comparison - Resource Peer Group, 2015