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ARTICLE · 06 JUNE 2012

UK Budget Implications For The E&NR Sector

Charles Russell Speechlys LLP
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Newspaper headlines in the days after the 2012 budget tended to be dominated by two main issues: those relating to the withdrawal of concessions for pensioners and the new stamp duty land tax rates on residential properties.

United KingdomEnergy and Natural Resources
Christopher Connors
Christopher Connors

Newspaper headlines in the days after the 2012 budget tended to be dominated by two main issues: those relating to the withdrawal of concessions for pensioners and the new stamp duty land tax rates on residential properties. However, there were also significant announcements relating to oil, gas and cleantech that are of interest.

Field allowances for oil & gas

The changes and announcements affecting the North Sea Continental Shelf ("NSCS") are as follows:

  • A new £3bn field allowance will be introduced by statutory instrument in 2012. The allowance will focus on deep field operations relating to the more significant natural resource reserves off the West coast of Shetland, and the government has also announced that they will be seeking further industry investment into the area to accompany the new allowance.

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