2 May 2024
FEATURE: UKCS: more than death and taxes?
Publication date: 01 September 2017
Gas Strategies Group
10 Saint Bride Street
London UK
EC4A 4AD
ISSN: 0964-8496
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Determined to reinvigorate the UK’s oil and gas sector, the UK government has embarked upon a radical reform of the regulatory and fiscal regime. In 2016, it reduced the supplementary charge to corporation tax from 20% to 10% and lowered the petroleum revenue tax from 50% to zero.
For many in the industry, these changes are long overdue. Exploration in the UK continental shelf (UKCS) in recent years has all but stalled: the entire UK upstream industry drilled just...