Download: UK’s plan to revamp oil & gas fiscal regime

first_imgUK’s Chief Secretary to the Treasury Danny Alexander today announced what was described as “significant new government support for the oil and gas industry.”He and the Exchequer Secretary to the Treasury Priti Patel announced the changes today at a meeting with industry representatives to unveil a further set of reforms and provide further detail on the Autumn Statement measures.The reforms, described by the Government as ‘radical’,  include introducing a basin-wide investment allowance designed to reduce the effective tax rate for companies investing in the future of the UK Continental Shelf.Furthermore, the government has said it has committed to boosting offshore exploration through supporting seismic surveys in under-explored areas of the North Sea.To ensure the longevity of the industry, the government will open discussions with the new Oil and Gas Authority on ways to remove fiscal barriers to extend the life of critical infrastructure, in addition to providing access to relief on the decommissioning of assets.This follows announcements in yesterday’s Autumn Statement, including an immediate cut in the rate of the Supplementary Charge from 32% to 30% from 1 January 2015.The reforms come as part of the government’s response to a consultation with the industry on the oil and gas fiscal regime that took place over the summer.Alongside the consultation, the government also looked at ways to boost investment in ultra-high pressure, high temperature projects.At the Autumn Statement, it announced a new “cluster area” allowance, which ministers and representatives from the industry signed as part of today’s visit.Chief Secretary to the Treasury Danny Alexander said: “I have always been an advocate of Scotland’s thriving oil and gas industry, which is why I’m here today announcing the government’s ambitious package to continue to support this hugely valuable sector. We’re incentivising and working with the industry to develop new investment opportunities and support new areas of exploration. This will help ensure that the industry continues to thrive and contribute to the economy. This level of support is only possible because we can draw on the combined strength and resources of the United Kingdom.”Exchequer Secretary to the Treasury Priti Patel said: “Today the government is demonstrating its long term commitment to supporting the North Sea oil and gas industry with a package of measures expected to drive around £7 billion of additional investment. These measures will reduce the tax burden on the industry, driving investment in the North Sea that will provide economic benefits to the UK for many years to come.”Industry calls for swift actionSpeaking after today’s press conference, Oil & Gas UK chief executive Malcolm Webb said: “A spirit of co-operation was very much in evidence today. We are encouraged to note that fiscal policy will now be framed in the context of the sector’s wider economic benefits and will also take account of the global competitiveness of the industry in terms of commodity prices and costs. Mr Alexander paid particular attention to the need for the Treasury to work with the new Oil and Gas Authority (OGA) and the industry in the tripartite approach as called for in the Wood Review, a view which Oil & Gas UK fully endorses and is committed to promote.“We are encouraged by these proposals but must now swiftly act on them given the current challenges facing the industry. The need for swift action was unanimously endorsed by all parties present (industry, Treasury and OGA) at the Fiscal Forum meeting immediately following the announcement. Senior industry figures at the meeting committed to identify the priorities for most urgent implementation and work with the Treasury and the OGA to ensure these are delivered as quickly as possible, and certainly by Budget 2015. Michael Tholen, Oil & Gas UK’s economics and commercial director, who led the pan-industry response to the Treasury’s recent consultation on the North Sea Fiscal regime, commented:“We are pleased that the Government has responded positively to many of the concerns we raised during the consultation. In particular, we asked for the current, complex portfolio of different allowance types to be simplified and the proposed investment allowance will, we hope, do just that. This new allowance will of course need to be pitched at the right rate. However, we are all in agreement that actions speak louder than words. There is no time to delay, we are at a critical stage in the life of the North Sea and look forward to the Chief Secretary’s proposals being swiftly implemented.”You can download the UK Government’s plan to reform the oil and gas fiscal regime as a pdf here.last_img read more

MOL launches dedicated projects brand

first_imgMOL Group says that the new brand represents its effort to clearly define each company within the group, and demonstrate its capabilities in the project cargo field.Since heavy plant and project cargo transport is one of MOL Group’s major focuses, the group explained that four of its companies – Mitsui O.S.K. Lines, MOL Logistics, Utoc, and Mitsui O.S.K. Kinkai – will jointly demonstrate the MOL Project & Heavy Cargo brand.The new brand logo will be displayed at the Breakbulk China exhibition being held in Shanghai this week.As well as offering turnkey logistics solutions for project cargo shipments, MOL also offers a broad range of other services, including plant engineering, installation and assembly work; ocean transport services, using multipurpose vessels, ro-ro ships and containerships; and other logistics services, such as forwarding and Customs clearance. The logo for MOL’s new project and heavy cargo brand. www.mol.co.jplast_img read more

Marshall: Shockers’ experience means little against Indiana

first_imgOMAHA, Neb. (AP) — Wichita State coach Greg Marshall is downplaying his team’s NCAA Tournament experience as a factor in Friday’s game against Indiana.The Shockers have five players back from last year’s team that was unbeaten until it lost to Kentucky in the round of 32. Three of those players were on the team that went to the Final Four the year before.Indiana is the youngest team in the tournament.Marshall said UAB’s upset of Iowa State on Thursday is proof that experience doesn’t matter much once the game starts.Wichita State (28-4) comes in as the No. 7 seed in the Midwest, and its 63-5 record the past two years is the best in Division I.The No. 10 Hoosiers (20-13) have lost nine of their last 14.last_img read more

Tipp Minor Hurlers Fail to Reach All Ireland Final

first_imgTipperary’s Minor Hurlers have been beaten by Kilkenny in today’s all Ireland Semi Final in Croke Park.After a slow start to the match the cats took control of the game with a goal just before half time, going in to the break leading the Tipp minors 1-7 to 0-4.Tipp took the game to Kilkenny in the second half with a spirited comeback seeing substitute Mikey O’Shea scoring two goals. Photo © Tipp FM However, it was not enough to overcome a more consistent Kilkenny, who held on to their lead, the game finishing 1-15 to 2-10 in favour of the cats.Speaking to Tipp FM Sport. Tipperary Minor Coach, Tommy Dunne, gave his sentiments on the loss.Kilkenny will go on to play Galway in the final, The Tribesmen beating Dublin in the other semi final in Croke yesterday.last_img read more