June 13, 2014 § Leave a comment
A new independent body has been formed in the UK to attract the oil industry and spur oil and gas production to turn the tide on dwindling tax revenues in the North Sea region. The announcement was made at the Oil and Gas UK Annual Conference. UK Chief Secretary to the Treasury, Danny Alexander told delegates that the Authority will work with government to review the ring-fenced tax scheme, including discussions with industry on its views on taxation and tax allowances. The new entity will be based in Aberdeen. A search for a new chief executive for the Authority is underway.
May 27, 2014 § Leave a comment
In the midst of escalating controversy in the U.S. and competing federal and state regulatory schemes, there is movement across the pond to clear the way for shale gas and oil extraction. The UK is launching a consultation on proposals to simplify the existing procedure for shale gas and oil and deep geothermal underground drilling access. The new proposals would simplify procedures to lessen the administrative burden and stimulate business. These include:
• Underground right of access for shale gas and deep geothermal operations only below 300m (nearly 1000ft);
• A voluntary community payment of £20,000 per lateral well; and
• A clear notification system to alert local people
Read more in this article from PennEnergy: http://www.pennenergy.com/articles/pennenergy/2014/05/uk-proposals-to-simplify-access-for-shale-gas-geothermal-energy.html