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North Sea Oil & Gas | A brief guide to the UK oil & gas sector

UPDATE (January 2015): This website was created ahead of the Scottish independence referendum held in September 2014. This referendum ended in a 55-45 vote for ‘no’ (i.e. to remain part of the United Kingdom).[i] Since the referendum result, discussions have continued regarding Scotland’s constitutional future and global oil prices have declined. This website has been…

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North Sea Oil & Gas | A brief guide to the UK oil & gas sector | northseaoilandgas.org Reviews
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UPDATE (January 2015): This website was created ahead of the Scottish independence referendum held in September 2014. This referendum ended in a 55-45 vote for ‘no’ (i.e. to remain part of the United Kingdom).[i] Since the referendum result, discussions have continued regarding Scotland’s constitutional future and global oil prices have declined. This website has been…
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North Sea Oil & Gas | A brief guide to the UK oil & gas sector | northseaoilandgas.org Reviews

https://northseaoilandgas.org

UPDATE (January 2015): This website was created ahead of the Scottish independence referendum held in September 2014. This referendum ended in a 55-45 vote for ‘no’ (i.e. to remain part of the United Kingdom).[i] Since the referendum result, discussions have continued regarding Scotland’s constitutional future and global oil prices have declined. This website has been…

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7. Decom | North Sea Oil & Gas

https://northseaoilandgas.org/decom

North Sea Oil and Gas. A brief guide to the UK oil and gas sector. Decommissioning: what’s the current situation? UKCS decommissioning liabilities total some 35 billion. [i]. The UK government provides 50% tax relief (75% for PRT-paying fields) but if the field operator defaults, it must cover any shortfall to ensure compliance with international obligations (UNCLOS 1982, [ii]. What happens after independence? Significant public opposition nevertheless ensued, including a Greenpeace occupation. [vii].

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9. ‘No’ | North Sea Oil & Gas

https://northseaoilandgas.org/no

North Sea Oil and Gas. A brief guide to the UK oil and gas sector. What if the 2014 referendum rejects independence? Opinion polling predicts a ‘no’ at the referendum but indicates strong interest in further devolution from Westminster to Holyrood. [i]. The Scotland Act 2012 [ii]. What might happen to oil and gas? The UKCS presently forms just 2% of the UK economy. Furthermore, whilst the Scottish Government has identified some 31-57 billion of future tax revenue, [v]. As sector value diminishes, it coul...

3

1. Basics | North Sea Oil & Gas

https://northseaoilandgas.org/basics

North Sea Oil and Gas. A brief guide to the UK oil and gas sector. GB, UK, what’s the difference? Firstly, a spot of geography (and history): Great Britain (GB) consists of England (population: 53.5 million), [i]. Scotland (5.3) and Wales (3.1). The United Kingdom (UK) consists of Great Britain (i.e. England, Scotland and Wales) plus Northern Ireland (population: 1.8 million). Details of UK history can be found elsewhere (many sites, including the BBC’s, [ii]. How is the UK run? Tony Blair’s Labour gover...

4

2. Oil | North Sea Oil & Gas

https://northseaoilandgas.org/oil

North Sea Oil and Gas. A brief guide to the UK oil and gas sector. What role does the oil and gas sector play? UK oil and gas production is almost entirely from offshore waters on the UK Continental Shelf (UKCS). Most of this is from waters closer to Scotland than to the rest of the UK; more on this in Section 3, ‘Boundaries’. (. Production is presently relatively minor [i]. And the Health and Safety Executive (HSE). [iii]. Oil and gas tax revenues are collected by the UK Treasury. Although production ha...

5

8. EU | North Sea Oil & Gas

https://northseaoilandgas.org/eu

North Sea Oil and Gas. A brief guide to the UK oil and gas sector. The (infamous) European Union debate. The UK is a European Union (EU) member state which enjoys key ‘opt-outs’; these include retention of its pound sterling currency (i.e. not required to join the single currency, the Euro, in the future) [i]. And exclusion from the Schengen common travel area. [ii]. It also continues to enjoy a rebate on its contributions; any attempt to re-negotiate this is highly politically controversial. [iii].

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North Sea Oil and Gas. A brief guide to the UK oil and gas sector. UPDATE (January 2015): This website was created ahead of the Scottish independence referendum held in September 2014. This referendum ended in a 55-45 vote for ‘no’ (i.e. to remain part of the United Kingdom). [i]. Welcome to North Sea Oil and Gas. The UK offshore oil and gas sector has been a major contributor to the national economy for some 50 years now. [ii]. By the website author:. 2015 a pivotal year’. OE (Offshore Engineer) Digital.

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