September 2012
Features
Decom North Sea pushes decommissioning projects forward
The 2012 UK national Budget provided the promise of a set level of relief for oil and gas operators, which will assist the whole industry. The changes announced by the UK Treasury in March 2012, regarding tax relief for decommissioning, are expected to provide the certainty of government contribution to each decommissioning project. This should deliver greater assurance over liabilities and help to stimulate late-life acquisition, but it also will give greater confidence to those operators that are approaching the end of economic field life. It is hoped that this announcement will also result in a steadier rate of activity in the North Sea market, provide companies with more confidence, and encourage the pace of investment and innovation within the industry.
