Hello Everyone It’s Claude Here, in the month of May. Today’s Monday Motivation word is Dedicated to: End New Gas and Oil Deals

Monday Motivation Word: End New Gas and Oil Deals

#EndNewGasandOilDeals

▪︎ Background. The EPL was announced in May 2022 as a new tax on the profits of oil and gas companies operating in the UK and the UK Continental Shelf. When announced the rate was 25 percent, taking the headline rate of corporation tax on oil and gas sector UK profits from 40 percent to 65 percent.

▪︎ BP said its North Sea business paid $1.5bn (£1.2bn) UK tax in 2023, of which $720m was due to the EPL. The year before, it paid $2.2bn in tax for its North Sea operations, including $700m from the EPL. Shell said it paid £178m in UK windfall tax for 2022.

▪︎ The tax regime which applies to exploration for, and production of, oil and gas in the UK and on the UK Continental Shelf (UKCS) currently comprises the following four elements: Ring Fence Corporation Tax (30%)Supplementary Charge (10%)Energy Profits Levy (35%)

▪︎ What taxes are paid on North Sea oil and gas? Companies operating in the North Sea pay four separate profit-related taxes on oil and gas production: ring fence corporation tax, supplementary charge, petroleum revenue tax (PRT), and the energy profits levy.

▪︎ 6 Mar 2024 — The windfall tax on oil and gas firms has been extended by 12 months in Jeremy Hunt’s Budget despite opposition from the Scottish Conservatives.

Link – https://www.instagram.com/p/C7M-B8WoHKk/?igsh=MTBwY2toOWFvNzV5NQ==

▪︎ The UK oil and gas fiscal regime taxes profits earned by companies from the production of oil and gas in the UK and on the UKCS. The regime is kept separate to other taxes on commercial profit by the operation of a “ring fence” which prevents losses from other activities being imported into the regime.

The Energy (Oil and Gas) Profits Levy was announced on 26 May 2022 and legislated for in July 2022.

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ExplainerUS-China trade dispute
Why Washington’s new tariffs on Chinese clean tech goods matter
https://www.ft.com/climate-capital?segmentID=fd8e0dfe-1891-56bb-1fe6-afdc2563fd11&gad_source=1&gclid=Cj0KCQjwxqayBhDFARIsAANWRnQ08ZqjUP4nzzjcszKJ4gXIEY0zd028hvatNhNSDFpyBWub0rJxUEQaAv7AEALw_wcB&gclsrc=aw.ds
Source: FT News

Oil Pipeline – Liquid petroleum (oil) pipelines transport liquid petroleum and some liquefied gases, including carbon dioxide. #OilPipeline
Source: 6 Nov 2018
https://www.phmsa.dot.gov › faqs
General Pipeline FAQs | PHMSA

Gas Pipeline – Designed as a grid or a trunkline system, transmission pipelines are wide-diameter lines that move natural gas from a gathering, processing or storage facility to a large-volume customer, distribution system or another processing/storage facility.
Source: 17 May 2024
https://www.reuters.com/business/energy/russia-china-sign-power-siberia-2-gas-pipeline-contract-in-near-future-says-2024-05-17/
Energy | Grid & Infrastructure | Pipelines & Transport
Russia and China to sign Power of Siberia-2 gas pipeline contract ‘in near future’, says Novak

Last Week Blog  http://aquayemiclaude.co.uk/2024/05/16/blog-monday-motivation-53/
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