Managing Decline Getting the North Sea Fiscal Regime Right
Article from: OGEL 2 (2005), in Taxation
Introduction
The current situation in the international oil market in terms of oil price is very similar to thirty years ago. Once again, oil price moved very fast, faster than predicted, and because of various international factors (booming demand and constrained supply), it looks like oil price is heading further up. However, the changing geopolitical environment requires policy makers in the UK to look at the North Sea in a completely new way, a different angle from the one they adopted thirty years ago, as they pursue new objectives.