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Posts on ‘March 23rd, 2015’

Changes to the North Sea tax regime

Screen Shot 2015-03-23 at 19.19.14PRESS RELEASE – FOR IMMEDIATE RELEASE

Quo Vadis – Budget 2015: a further step in the right direction

Hannon Westwood welcomes the changes to the North Sea tax regime announced by the Chancellor on Wednesday, aimed at stimulating and prolonging investment in the UKCS. Significant and positive steps have been taken to relieve the overall tax burden and this will assist with counterbalancing the effects of the recent collapse in oil price and consequent job losses in the industry.

The key measures are: a ten percentage cut in the supplementary charge, effective from 1 January 2015 – a decrease from 30% to 20%, following a 2% cut implemented in the 2014 Autumn Statement; a cut in the rate of petroleum revenue tax (PRT) from 50% to 35% for PRT-paying fields as of 2016; a new UK Continental Shelf Investment Allowance aimed at simplifying the existing system of complex offshore field allowances. The new allowance will exempt a portion of profits equal to 62.5% of a company’s qualifying investment expenditure from the Supplementary Charge. It will be available for projects in new and existing fields, and will apply to investment expenditure incurred on or after 1 April 2015. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

Bay Point: Removal of ‘Shell Pond’ polluted soil set to start in April

Screen Shot 2014-12-08 at 22.24.14From an article by Sam Richards published 23 March 2015 by Contra Costa Times

Bay Point: Removal of ‘Shell Pond’ polluted soil set to start in April

BAY POINT — More than two years after an aborted attempt to clean up the old “Shell Pond” along Suisun Bay, PG&E will soon begin removing 8,400 tons of dredged polluted soil from land adjacent to the pond on the community’s north edge, with an eye toward starting cleanup of the 73-acre pond itself in 2017.

The utility is set to begin, in mid-April, removing soil containing petroleum hydrocarbons (“carbon black”), metals and other compounds dredged in 2012 from the waste pond about three-quarters of a mile north of Willow Pass Road along the waterfront and trucking it about two miles to the Keller Canyon landfill, said PG&E spokeswoman Tamar Sarkissian. That work is expected to take approximately three months, she said. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

Joint Investigation Visit Reports Indict Shell On Oil Spills In Bayelsa

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From an article by Fyneface Aaron published 23 March 2015 by The Tide

Joint Investigation Visit Reports Indict Shell On Oil Spills In Bayelsa, Nigeria

(JIV) report on Seibou and several other oil wells that are spilling its contents into the environments in Bayelsa State operated by Shell Development Company has been attributed to equipment failure.

The reports estimated that some 549 barrels of SPDC,s crude stream was discharged into Ogboinbiri River in Southern Ijaw Local government area and impacted several other communities living along the coast.

The JIV report obtained on Monday, indicated that the visit was concluded on March 13,  2015, and traced the spills to raptured pipes which were fast ageing. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.
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