The UK Budget 2015 delivered on Wednesday contains assistance to support the local offshore oil and gas sector.
In its Autumn 2014 Statement, the government confirmed that it would introduce an immediate two percent reduction in the rate of the Supplementary Charge, a tax on profits from oil and gas production in the UK and UK Continental Shelf. The reduction from 32 percent to 30 percent came into effect from January 1, 2015. As a result of the 2015 Budget, this will now be further reduced to 20 percent.
The UK House of Lords has released a European Union Committee report highlighting the “often conflicting” activities underway in the North Sea. Releasing the report, the House of Lords EU Committee called for strong leadership on the management of resources among the countries along the shoreline of the North Sea.
When people are attempting to clean up oil spills at sea, one of the key things they need to know is the amount of oil that's been spilled – among other things, this will determine the amount of dispersant or other agents that are used. In order to make that process easier and more accurate, scientists from the Virginia Institute of Marine Science have developed a remotely operated vehicle (ROV) that does the job by measuring the thickness of oil slicks from below the surface.
Fugro said it has received a writ of summons from Boskalis to force a shareholder vote at its annual shareholders meeting scheduled for April 30, 2015 on a recommendation in respect of one of Fugro’s three protective measures, i.e. the Foundation Continuity Fugro (“Stichting Continuïteit Fugro”).
US officials want to make sure companies can handle a blow-out in remote and icy conditions – without inflicting an environmental disaster.
The Obama administration proposed new rules for Arctic oil drilling on Friday in an attempt to avoid repeating Shell’s disastrous foray into extreme waters.
The proposals, shaped by the 2010 BP oil spill in the Gulf of Mexico, and the grounding of Shell’s drill ship in the Arctic two years later, are aimed at making sure companies could handle a blow-out in remote and icy conditions – without inflicting an environmental disaster on the pristine seas.