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Effects of changes in UK North Sea oil taxation

Abstract

Changes in North Sea oil tax structure were introduced by the United Kingdom government in mid-1979. The new system is aimed at increasing revenues to the state without damage to exploitation and production. The effects that the new tax regime and each of its components will have on different types of fields being exploited under various circumstances are examined. The analysis also considers sensitivity to capital-cost inflation, effects on multi-field operation, and the results of two other possible tax schemes. It is found that the new tax scheme will considerably alter the structure of the tax burden and will increase the overall tax take. Marginal tax rates will also increase, not least for some fields with low expected returns. The new scheme will, however, continue to favor capital-intensive exploitation techniques. 2 references, 17 tables.
Publication Date:
Oct 01, 1979
Product Type:
Journal Article
Reference Number:
EPA-06-002750; EDB-80-056049
Resource Relation:
Journal Name: Energy Econ.; (United Kingdom); Journal Volume: 1:4
Subject:
29 ENERGY PLANNING, POLICY AND ECONOMY; 02 PETROLEUM; PETROLEUM; TAXES; UNITED KINGDOM; ECONOMIC IMPACT; NORTH SEA; PRODUCTION; RESOURCE DEVELOPMENT; ATLANTIC OCEAN; ENERGY SOURCES; EUROPE; FOSSIL FUELS; FUELS; SEAS; SURFACE WATERS; 294002* - Energy Planning & Policy- Petroleum; 021000 - Petroleum- Legislation & Regulations; 290200 - Energy Planning & Policy- Economics & Sociology
OSTI ID:
5575250
Research Organizations:
Univ. of Aberdeen, United Kingdom
Country of Origin:
United Kingdom
Language:
English
Other Identifying Numbers:
Journal ID: CODEN: EECOD
Submitting Site:
TIC
Size:
Pages: 224-240
Announcement Date:

Citation Formats

Kemp, A G, and Crichton, D. Effects of changes in UK North Sea oil taxation. United Kingdom: N. p., 1979. Web. doi:10.1016/0140-9883(79)90005-7.
Kemp, A G, & Crichton, D. Effects of changes in UK North Sea oil taxation. United Kingdom. doi:10.1016/0140-9883(79)90005-7.
Kemp, A G, and Crichton, D. 1979. "Effects of changes in UK North Sea oil taxation." United Kingdom. doi:10.1016/0140-9883(79)90005-7. https://www.osti.gov/servlets/purl/10.1016/0140-9883(79)90005-7.
@misc{etde_5575250,
title = {Effects of changes in UK North Sea oil taxation}
author = {Kemp, A G, and Crichton, D}
abstractNote = {Changes in North Sea oil tax structure were introduced by the United Kingdom government in mid-1979. The new system is aimed at increasing revenues to the state without damage to exploitation and production. The effects that the new tax regime and each of its components will have on different types of fields being exploited under various circumstances are examined. The analysis also considers sensitivity to capital-cost inflation, effects on multi-field operation, and the results of two other possible tax schemes. It is found that the new tax scheme will considerably alter the structure of the tax burden and will increase the overall tax take. Marginal tax rates will also increase, not least for some fields with low expected returns. The new scheme will, however, continue to favor capital-intensive exploitation techniques. 2 references, 17 tables.}
doi = {10.1016/0140-9883(79)90005-7}
journal = {Energy Econ.; (United Kingdom)}
volume = {1:4}
journal type = {AC}
place = {United Kingdom}
year = {1979}
month = {Oct}
}