UK Briefing to Consider Oil and Gas Tax Regime as Engine for Growth

Oil & Gas UK’s next breakfast briefing in London will reveal how recent changes to the UK oil and gas tax regime are improving the ability of projects on the UK continental shelf (UKCS) to attract investment, ultimately enabling them to boost Britain’s economic growth. The briefing, sponsored by Herbert Smith and The Royal Bank of Scotland, will be held on 3 October.

The UKCS holds up to 24 billion barrels of oil and gas; hydrocarbons that are central to boosting not only Britain’s tax revenues but also jobs in the high technology supply chain, the balance of trade and energy security.

Mike Tholen, Oil & Gas UK’s economics director, will describe how new developments enabled by the tax changes will translate into value for the economy. He said: “The fiscal regime has a crucial bearing on the industry’s ability to attract global investment to develop the still significant remaining oil and gas. Constructive engagement with HM Treasury over the last 18 months since the 2011 Budget has resulted in a range of tax measures, including the ‘brown-field allowance’ announced this month, aimed at promoting investment, jobs, production and tax revenues.”

Nigel Hares, chief operating officer of UK exploration and production company EnQuest, will reflect on how the tax changes have affected his company’s assets, both those currently producing and new investments. Roman Webber, tax partner at Deloitte LLP, will also give his perspective on the competitiveness of the UK’s tax regime by weighing up the benefits of the new tax allowances against the increased complexity of the system.

Delegates will have the opportunity to network with other attendees and to ask all speakers questions as part of a panel discussion, chaired by Oil & Gas UK’s energy policy manager, David Odling.

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Press Release, September 26, 2012