Main Report

Index

Foreword

Contribution to the UK Economy

• UK Oil and Gas Production
• Gross Value Added, Capital Investment and Expenditure
• Contribution to the Inland Revenue
• Employment
• Balance of Trade

Providing for the UK’s Energy Needs

• UK Energy Supply & Demand – present and future
• Oil and Gas Security of Supply
• Oil Price
• UK Gas Market
• UK Gas Market (continued...)
• UK Gas Market (continued...)

Outlook for the UKCS in 2005

• Production
• Expenditure
• Drilling Activity
• New Developments and Decommissioning
• Asset Trading

Stewardship of the UK’s Oil & Gas Resources

• UKCS Competitiveness
• Exploration
• Brownfields
• Window of Opportunity

UKCS Contribution to Delivering UK Environmental Targets

• UK energy policy & Kyoto targets
• Competing Forms of Electricity Generation
• Carbon Capture and Storage (CCS) and Enhanced Oil Recovery (EOR)
• Emissions’ Trading Scheme
• Produced Water Trading

Appendices

A) Fiscal Regime

• Corporation Tax (CT), Supplementary Charge (SCT) and 2005 Budget
• Petroleum Revenue Tax (PRT)
• Royalty, Exploration and Research and Development (R&D)

B) Glossary of Terms and Abbreviations

C) Contributors