Дорогие друзья! Больше трех лет я рассказываю вам об основных новостях, событиях, трендах на мировом рынке нефти и газа. Я делаю это бесплатно и без рекламы. Поэтому я прошу вас о помощи. Wognews нуждается в развитии. Вас больше 20 000 человек из более чем 80 стран мира. Если каждый пожертвует небольшую сумму денег, 500 или 1000 рублей, или больше, wognews станет лучше. Спасибо, Владимир Виноградов, основатель wognews.

Dear friends! For more than three years I've been telling you about the main news, events, trends in the world oil and gas market. I do it for free and without advertising. Therefore I ask you for help. Wognews needs development. You are more than 20 000 people from more than 80 countries. If each donate a small amount of money, $10, $20, $30 or more, wognews will become better. Thank you, Vladimir Vinogradov, the founder of wognews.
2014-07-01 18:20:00

UK OIL & GAS TAX

UK OIL & GAS TAX

Government revenue from oil and gas has fallen to its lowest level in 10 years, according to figures released on Monday by HM Revenue & Customs.

UK tax receipts came in at £4.7bn for 2013-2014, which is the lowest since 2003-2004 when the government raised £4.2bn. Revenue has fallen 24 per cent compared with the previous tax year, following a 44 per cent fall in 2012-2013.

Taking into account inflation, the latest figures are even lower than 10 years ago – the amount raised in 2003-2004 would be £5.6bn at today's prices.

As a result of a squeeze on profits in the sector from lower production and higher costs, corporation tax receipts have fallen 60 per cent over the past two years. In 2011-2012, the government raised £8.8bn from the tax whereas the latest estimate is just £3.6bn. The remaining £1.1bn came from the petroleum revenue tax, levied on certain older oil and gasfields.

"We have observed a trend on falling tax revenues of late – due in part to recent production decline and increases in the base, tax yields have also been lower by recent strong investment," says Michael Tholen, economics and commercial director of Oil and Gas UK, the offshore trade body. "However, we expect that trend to be stemmed in the coming period as production comes on stream from recent field investments."

Despite North Sea oil production peaking in 1999, revenue grew over the 2000s as oil prices rose from $24 a barrel in 2003 to $139 in 2008. Oil prices have since stabilised around $110 a barrel. The costs of exploration and drilling have risen at the same time as the "easy" oil has dried up and the reserves left become harder to extract.

Mr Tholen points to more promising production figures released last week by the Department of Energy and Climate Change. "This offers a first early sign of the benefits of record investment witnessed over the past three years. The challenge now is to sustain the investment programme in the UK continental shelf over the remainder of the decade and beyond."

Revenue from North Sea oil is a sensitive topic because of the forthcoming referendum on Scottish independence. The amount that an independent Scotland could raise from North Sea oil has been contested during the campaign.

The Office for Budget Responsibility forecast that revenues would be £3.1bn in 2017-18, while the Scottish government forecasts £7.3bn. These will be the last figures released before the vote in September.

ft.com

 

Tags: UK, OIL, GAS

Chronicle:

UK OIL & GAS TAX
September, 22, 08:50:00

RUSSIA - KURDISTAN INVESTMENT

Instead, with the planned referendum just days away, Russian state oil giant Rosneft announced its latest investment last week, to help Iraqi Kurdistan develop its natural gas industry, for domestic supplies and eventual export.

UK OIL & GAS TAX
September, 22, 08:45:00

IRAN'S GAS EXPORT: ABOVE 5 BCM

Iran exported over 5 billion cubic meters (bcm) of natural gas during the first five months of the current Iranian calendar year (March 21-August 22), Dispatching director of National Iranian Gas Company (NIGC) announced.

UK OIL & GAS TAX
September, 22, 08:40:00

IRAQI OIL TO U.S.

Gazprom Neft has shipped its second and largest cargo of Iraqi crude to the US since the Badra field, its flagship overseas oil project, came on stream in 2014, the Russian oil company said Tuesday.

UK OIL & GAS TAX
September, 22, 08:35:00

QATAR - TURKEY LNG

Qatargas has agreed to sell 1.5 million tpy of LNG to Turkey’s BOTAŞ Petroleum Pipeline Corporation (BOTAŞ) over a period of three years

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