United Kingdom upstream summary Report

Country Report 07 November 2024

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Report summary

Provides a detailed description of reserves, production, infrastructure and fiscal terms for the UK upstream sector.

Executive summary
Key facts
Location maps
Key companies
- Majors
- Independents
Geology
- Introduction
- Central North Sea
- Northern North Sea
- Southern Gas Basin
- West of Britain
- Atlantic Margin
- Onshore
Exploration
- Licensing
  - 33rd Offshore Round
  - 32nd Offshore Round
- Carbon storage licensing
- Drilling
  - Drilling activity
  - Historical drilling
  - Success rates
- Unconventionals
  - Historical activity (2013-2016)
Reserves and resources
Production
- Oil
- Gas
Infrastructure
- Introduction
Costs
- Capital costs
  - Capital expenditure by location
- Operating costs
  - Operating expenditure by location
Policy and regulation
- Key legislation
- Regulatory body
- North Sea Transition Authority (NSTA)
  - UK North Sea Transition deal
- Offshore Petroleum Regulator for Environment & Decommissioning (OPRED)
  - Scope 3 emissions consultation
  - UK emissions trading scheme (UKETS)
- Licensing
  - Climate compatibility checkpoint
- Licence types
  - Offshore innovate licence (up to nine years)
  - Petroleum exploration and development licence (PEDL)
  - Carbon storage licences
- Historical seaward licences
  - Exploration licence
  - Production licence (Traditional)
  - Production licence (Promote)
  - Production licence (Frontier six years)
  - Production licence (Frontier nine years)
Fiscal terms
- Overview
- Upstream
- Mid/Downstream
  - Pipelines
  - Gas utilisation
- Current fiscal terms
  - Government equity participation
  - Ring fencing
  - Bonuses, rentals and fees
  - Indirect taxes
  - Royalty
  - Ring Fence Corporation Tax (RFCT) & Supplementary Charge (SC)
  - RFCT deductions
  - Supplementary Charge Investment Allowance
  - 2 more item(s)...
- Energy Profits Levy (EPL)
  - EPL timeline
  - Industry consultation on post-2030 fiscal terms
  - Petroleum Revenue Tax (PRT)
  - Decommissioning
  - Product pricing
- Historical background
  - Royalty
  - Petroleum Revenue Tax (PRT)
  - Supplementary Petroleum Duty (SPD)
  - Advance Petroleum Revenue Tax (APRT)
  - Gas Levy
  - Writing Down Allowance (WDA) for RFCT
  - Obsolete field allowances (for Supplementary Charge)