Taxation The tax regime which applies to exploration for, and production of, oil and gas in the UK and on the UK Continental Shelf (UKCS) currently comprises the following four elements, described briefly in turn below: View more
Investment allowance Date of material completion of a project described in a Field Development Plan or Field Development Plan addendum View more
Development The development phase of the oil and gas life cycle covers the period after an economic discovery has been made and details the processes required to take the discovery up to, but before, the production phase. View more
Cluster area determinations The NSTA may propose the determination of an area as a “Cluster Area” in accordance with the Supplementary charge: cluster area allowance provisions in Finance Bill 2015. View more
Field determinations The Oil Taxation Act 1975 states that all fields are to be “determined” by a boundary drawn around them. A proposed determination of a field must be made before the NSTA can consent to a Field Development Plan (FDP). View more
Field development plans Under the model clauses applicable to a seaward production licence, licensees require the NSTA’s consent to erect or carry out permanent works for the purpose of getting or conveying petroleum from a licensed area. View more
Tight Gas The NSTA estimates that there is potential for up to 3.8 trillion cubic feet (tcf) of remaining gas resources within the Southern North Sea (SNS), inclusive of infill opportunities, undeveloped discoveries and prospects. View more
