Main Report

Index

Foreword

Contribution to the UK Economy

• UK Oil and Gas Production
• Capital Investment, Gross Value Added and Expenditure
• Tax revenues
• Balance of Trade
• Employment

Providing for the UK’s Energy Needs

• Primary Energy Demand
• Electricity Generation
• Security of Energy Supply
• Oil Prices
• UK Gas Market and Prices

Outlook for the UKCS in 2006

• Production
• Expenditure: Exploration and Appraisal, Development and Operations
• New Developments
• Asset Trading and New Entrants
• Stewardship of the UK’s Oil and Gas Resources

Global Competitiveness

• UK Fiscal Environment
• Impact of the Increase in SCT on the UKCS
• Global Competitiveness
• Oil and Gas Investment Drivers
• UKCS Rates of Return
• Current Initiatives to Promote the UKCS
• Meeting the Decommissioning Challenge

UKCS Contribution to Delivering Environmental Targets

• UKCS Contribution to Delivering Environmental Targets
• Carbon Capture and Storage and Enhanced Oil Recovery
• Emissions Trading Scheme
• Produced Water Trading Scheme

Appendix 1: Fiscal Regime

• Introduction
• Corporation Tax (CT) and Supplementary Charge (SCT)
• Petroleum Revenue Tax (PRT)
• Royalty

Appendix 2: 2005 Pre-Budget Report and 2006 Budget

• Introduction
• Ring Fence Exploration Supplement (RFES)
• Crude Oil Valuation
• Costs to Industry of the 2005 Pre-Budget Report and 2006 Budget

B) Glossary of Terms and Abbreviations

C) Contributors