UK Budget commentary: North Sea Oil & Gas
Bob Ruddiman, Head of Oil and Gas at legal firm Pinsent Masons, welcomed Chancellor Philip Hammond’s Budget concessions on Transferable Tax Histories for North Sea oil and gas operators.
Browse the latest north sea oil news news and articles.
Bob Ruddiman, Head of Oil and Gas at legal firm Pinsent Masons, welcomed Chancellor Philip Hammond’s Budget concessions on Transferable Tax Histories for North Sea oil and gas operators.
Western Isles (Dana 77% and Cieco 23%) is now producing from the Harris and Barra oilfields in the Northern North Sea, 160 km east of the Shetlands and 12 km west of the Tern field.
INEOS UK SNS Limited has agreed to take a majority share in two exploration licenses in the Northern Gas Fields West of Shetland which contains the Lyon prospect, from Siccar Point Energy E&P Limited.
Aker BP ASA has entered into two separate alliance agreements, one with Maersk Drilling and Halliburton for Jack-Ups, and one with Odfjell Drilling and Halliburton for semisubmersibles.
The company’s ERRV Ocean Troll, will provide Emergency Response and Rescue services for Maersk Oil’s Culzean project in the central North Sea. The Charter is the first Fire Fighting Class II (Fi-Fi II) ERRV to have operated in the UK sector.
The operator became the largest independent E&P company in the region following the US$3 billion deal with Shell earlier this year to acquire the platforms as part of a larger asset package.
The package of assets consists of Shell’s interests in Buzzard, Beryl, Bressay, Elgin-Franklin, J-Area, the Greater Armada cluster, Everest, Lomond and Erskine, plus a 10% stake in Schiehallion.
Now with the responsibility for a strategic UK asset that delivers almost 40% of the UK’s North Sea oil and gas output, INEOS has further strengthened its long term oil and gas activity.
Wellesley Petroleum AS, operator of production licence 881, has completed the drilling of wildcat well 33/9-22 S. The well is dry.
Norway's PSA has given Statoil consent to use the Songa Equinox mobile drilling facility to drill well 31/2-S-24 AY1H on the Troll field.
The plugging and abandonment (P&A) work in the Valhall Field for Aker BP involved the use of BiSN’s metal-to-metal downhole sealing solutions.
“A cautious optimism has returned to the industry, as it weathers the storm of the past three years,” said Graham Hollis, Senior Partner for Deloitte.