Здравствуйте. Вся информация этого сайта бесплатна без рекламы. Вы можете сделать пожертвование и поддержать развитие этого сайта. Спасибо.

Hello. This site is free without ads. You can make a donation and support the development of this site. Thank you.

2014-11-16 11:45:00

OIL & GAS UK: NO SUBSIDIES $4.5 BLN

OIL & GAS UK: NO SUBSIDIES $4.5 BLN

Oil & Gas UK has issued a sharp rebuttal to reports that UK producers enjoy generous governmental subsidies.

Although a prepared statement by the trade group didn't name the source of the claims, news media have been reporting results of a joint study by Overseas Development Institute (ODI), London, and Oil Change International, Washington, DC, alleging governments of G20 countries spend $88 billion/year "subsidizing exploration for fossil fuels."

ODI describes itself as "a think tank on international development and humanitarian issues." Oil Change International says it's "a research, communications, and advocacy organization focused on exposing the true costs of fossil fuels and facilitating the coming transition towards clean energy."

For the UK, the study cited as subsidies the field allowances granted under the country's complex tax scheme, which it said totaled $4.5 billion for 54 fields during September 2009-September 2014.

In a prepared statement, Malcolm Webb, Oil & Gas UK chief executive countered, "It is disingenuous and misleading to suggest that the offshore oil and gas industry has been a recipient of subsidies."

The offshore oil and gas producing industry is taxed at rates as high as 81%, he noted, claiming it "pays more tax into the Exchequer than any other corporate sector."

Webb argued: "To describe tax allowances on capital investment as subsidies is to imply capital expenditure should be taxed. It is extremely worrying that this notion is being shared by media, especially at a time when this country is in such serious need of capital investment and the economic growth which it brings."

He said the industry receives "limited allowances from 62% to 81% taxes on profits for marginal investments, with the rate of tax never going below 30% vs. 21% for the majority of British businesses." Rates revert to 62-81% after allowances have been used.

Rising costs and diminishing discovery size on the mature UK Continental Shelf have raised concerns about attracting investment needed to develop remaining oil and gas reserves estimated as high as 24 billion boe.

ogj.com

Tags: OIL, GAS, UK,

Chronicle:

OIL & GAS UK: NO SUBSIDIES $4.5 BLN
November, 20, 09:05:00

INDIA'S GAS WILL UP

REUTERS - India’s natural gas consumption is expected to rise to 70 billion cubic metres (bcm) by 2022 and 100 bcm by 2030, according to a government think tank and the Oxford Institute of Energy Studies, up from 50 bcm now. India burns just 7 percent of what top user the United States consumes in a year with about a quarter of India’s population.

OIL & GAS UK: NO SUBSIDIES $4.5 BLN
November, 20, 09:00:00

NORWAY SELLS OIL & GAS

Norway, which relies on oil and gas for about a fifth of economic output, would be less vulnerable to declining crude prices without its fund investing in the industry, the central bank said Thursday. The divestment would mark the second major step in scrubbing the world’s biggest wealth fund of climate risk, after it sold most of its coal stocks.

OIL & GAS UK: NO SUBSIDIES $4.5 BLN
November, 20, 08:55:00

OIL PRICES UP

WSJ - Light, sweet crude for December delivery rose $1.41, or 2.6%, to $56.55 a barrel on the New York Mercantile Exchange, snapping a three-session losing streak. Brent, the global benchmark, advanced $1.36, or 2.2%, to $62.72 a barrel.

OIL & GAS UK: NO SUBSIDIES $4.5 BLN
November, 20, 08:50:00

U.S. RIGS UP 8 TO 915

U.S. Rig Count is up 327 rigs from last year's count of 588, with oil rigs up 267, gas rigs up 61, and miscellaneous rigs down 1 to 1. Canada Rig Count is up 24 rigs from last year's count of 184, with oil rigs up 9 and gas rigs up 15.

All Publications »
Exchange Rates
Date: 00:00 00:00
USD 0.00 0.00
EUR 0.00 0.00
GBP 0.00 0.00
UAH 0.00 0.00
ADR bid ask
GAZPROM 0.000.00
LUKOIL 0.00 0.00
ROSNEFT 0.00 0.00
SURGUTNEFTEGAZ 0.000.00
TATNEFT0.00 0.00