The trade association will brief on how the new tax allowances can benefit the offshore industry and projects on the UK continental shelf (UKCS) in attracting investments and boosting the country’s economic growth.
Oil & Gas UK economics director Mike Tholen said the fiscal regime deeply impacts the industry’s ability to attract investment from worldwide to develop important oil and gas projects.
"Constructive engagement with HM Treasury over the last 18 months since the 2011 Budget has resulted in a range of tax measures, including the ‘brown-field allowance’ announced this month, aimed at promoting investment, jobs, production and tax revenues," Tholen added.
The UKCS has about 24bn barrels of oil and gas which is leading to the creation of jobs in the high technology supply chain, the balance of trade and energy security, and is also contributing towards increasing the tax revenues of Britain.
At the briefing event UK exploration and production company EnQuest’s chief operating officer Nigel Hares will comment on the impact of the tax changes on his company’s assets.
Deloitte tax partner Roman Webber too would present his point of view on the advantages of the new tax allowances and the increased complexity of the system.
