UK Petroleum Concession and Fiscal Regime: Comparative Analysis of UK and Russia

When it comes to the petroleum industry, two countries that often stand out are the United Kingdom (UK) and Russia. Both countries have significant reserves and play a crucial role in the global energy market.

Understanding the UK Petroleum Concession

The UK, located in the North Sea region, has been producing petroleum since the 1970s. In order to regulate extraction activities and ensure fair distribution of profits, the UK has implemented a petroleum concession system. The system grants licenses to companies for specific periods and areas. It also sets out the terms and conditions for exploration, development, and production, ensuring compliance with environmental regulations.

The UK government also imposes fiscal regimes to regulate the industry. These regimes determine the tax rates, royalty payments, and other financial obligations that companies must adhere to. They play a crucial role in determining the profitability of petroleum extraction in the UK.

Oil and Gas Law: UK Petroleum Concession and Fiscal Regime. Comparative Analysis of UK and Russia Petroleum Taxation Included. Oil and Gas for Beginners ... Oil and Gas Upstream, Energy Market Book 2)

by Johnathan Borg(Kindle Edition)

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Language	:	English
File size	:	2125 KB
Text-to-Speech	:	Enabled
Screen Reader	:	Supported
Enhanced typesetting	:	Enabled
Word Wise	:	Enabled
Print length	:	53 pages
Lending	:	Enabled
Item Weight	:	4.8 pounds

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Russian Petroleum Concession and Fiscal Regime

On the other side of Europe, Russia boasts vast petroleum reserves, making it one of the largest producers worldwide. The Russian petroleum concession system is different from that of the UK. In Russia, the government grants subsoil users the right to explore, develop, and produce petroleum. However, the state retains full ownership of all mineral resources, and companies are required to obtain licenses for their operation.

The fiscal regime in Russia is primarily focused on taxation. Companies are subject to specific tax rates and payments based on production volumes, reserves, and other factors. The fiscal framework aims to ensure the state receives a fair share of petroleum profits while maintaining the attractiveness of the industry for foreign investors.

Comparative Analysis: UK vs. Russia

Now, let's delve into a comparative analysis of the petroleum concession and fiscal regime in the UK and Russia:

Petroleum Concession:

• The UK: Offers licenses to companies for specific periods and areas.
• Russia: Grants subsoil users the right to operate through licenses while retaining state ownership of mineral resources.

Fiscal Regime:

• The UK: Focuses on tax rates, royalty payments, and financial obligations.
• Russia: Primarily focuses on taxation of production volumes and reserves.

It is important to mention that these are high-level summaries, and both countries have complex regulations and factors that impact their petroleum industries.

The petroleum concession and fiscal regimes in the UK and Russia play vital roles in regulating and attracting investments in their respective petroleum industries. While the UK focuses on licenses and financial obligations, Russia emphasizes taxation based on production volumes and reserves.

Understanding the differences in these regimes is essential for investors, policymakers, and industry professionals looking to navigate the complexities of the petroleum industry in both countries.

Oil and Gas Law: UK Petroleum Concession and Fiscal Regime. Comparative Analysis of UK and Russia Petroleum Taxation Included. Oil and Gas for Beginners ... Oil and Gas Upstream, Energy Market Book 2)

by Johnathan Borg(Kindle Edition)

5 out of 5

Language	:	English
File size	:	2125 KB
Text-to-Speech	:	Enabled
Screen Reader	:	Supported
Enhanced typesetting	:	Enabled
Word Wise	:	Enabled
Print length	:	53 pages
Lending	:	Enabled
Item Weight	:	4.8 pounds

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Different oil producing countries adopt different types of oil and gas agreements to regulate their relationships with international oil and gas companies. These countries tailor petroleum fiscal regimes to fit their own desires. However, in some cases a host country may amend its petroleum fiscal regime due to changes in the internal and/or international economic and/or political environment or due to changes in the host government’s energy policy.

This book analyse the development of the tax regime in the United Kingdom Continental Shelf from 1975 up to date. The story of the UK petroleum concession and fiscal regime may be unique; this is due to the employment of a unique concession type of agreement which no longer includes a royalty charge as a key element of its fiscal regime. The UK concession model is described as accommodating private interest under public control.

As a case study, a comparative analysis of fiscal and regulatory regimes of two countries: the United Kingdom and the Russian Federation will be given. The reason why the Russian Federation has been chosen is its employment of a completely different fiscal and regulatory system to that of the United Kingdom.

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Check Out What Others Are Saying...

"..It covers the historical transformation of the UK fiscal laws and tactics and also compares the two Supers powers laws, regulations and tactics and offers improvements and solutions.
This book is very valuable to investors that their main focus of business is oil and gas. It gives detailed information of the situation in every country so the investor will know if its investment is going to have any chance of success.
This book is very technical and has a lot of acronyms but the author has an acronym explanation list at the start of his book, my suggestion is to print that list if you can so you have it available while you read it because the acronyms are repeated a lot in the book...." (Andreas Michaelides)

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Tags: Oil and Gas Law, Oil and Gas for Beginners, oil and gas upstream, energy market, petroleum, petroleum tax, production sharing agreement,