North Sea regime under the spotlight in House of Commons Committee
11 March 2009
Steve Jenkins of Nautical Petroleum (NPE), Alan Booth of EnCore Oil (EO.) and Martyn Millwood Hargrave of privately owned Ikon Science appeared before the House of Commons Energy and Climate Change Committee today, on behalf of the Oil and Gas Independents Association.
The OGIA wish list appears to be:
Make the North Sea an attractive place to business through easier access to offshore infrastructure, up front tax refunds for North Sea exploration even if the explorer has no taxable income to set expenditure against, a (tax) "value allowance" to help develop small fields, a tax break for cushion gas in gas storage, clarity on the Carbon Sequestration licensing regime and more banks in addition to Lloyds Banking Group to participate in lending to North Sea companies.
Steve Jenkins said that in 2008 110 new wells were drilled offshore UK but for 2009 only 30 wells have been committed to rigs.
Alan Booth added that in 2008 his company, EnCore Oil, participated in 7 wells whereas this year it will drill none because the equity and lending markets are very difficult at the moment. He also pointed out that the owners of Breagh, the significant gas discovery were unable to progress that project due to the lack of appetite in the equity and lending markets.
If you have a spare hour the trio's performance can be viewed here:
http://www.parliamentlive.tv/Main/VideoPlayer.aspx?meetingId=3643&rel=ok
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