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UKCS Taxes: A Golden Opportunity to Maximise Recovery in UK oil

By Steve Brown | Monday 2 February 2015


Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.


The Treasury and DECC have asked for comments on a new investment allowance intended to replace the existing plethora of allowances for small fields, heavy oil fields, deep water fields, brown fields, and the like. Now I have to declare an interest, our company has an undeveloped oilfield that would have had a heavy oil allowance, and that allowance was a really important part of making our proposed project profitable. So I am hoping that the new allowance will be as good as, if not better than, what went before. With the oil price less than half of what it was when we applied for the licence, everybody in the industry is looking for some relief from the tax burden on their projects.


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