Wireline Issue 43 - Autumn 2018

Oil & Gas UK | News Round-Up

New OFSI guidance for importers and exporters HM Treasury’s Office of Financial Sanctions Implementation (OFSI) has published sector-specific guidance for importers and exporters. This includes a differentiation between trade and financial sanctions, details on when an OFSI, as well as an export control licence may be required, and financial sanctions along the export chain.

https://assets.publishing.service.gov.uk/government/uploads/system/uploads/ attachment_data/file/706182/FAQ_guidance_for_the_import_and_export_sector.pdf

New era of exploration for North Sea as 31st Licensing Round opens

The Oil and Gas Authority formally opened the latest Licensing Round in July, which focuses on the frontier and underexplored regions in the UK Continental Shelf.

During the 30th Licensing Round inMay, 123 licences were awarded for 229 blocks in mature areas of the UKCS, to 61 companies. The 31st Licensing Round will benefit from fresh seismic data funded in part by HM Treasury, and will be supported over the longer termby increased transparency of data and samples from the newNational Data Repository.

The Licensing Round will close on 7 November 2018 with companies expected to find out if their bid is successful in the first half of 2019.

End use relief – deadline extended Exchequer Secretary to the Treasury, Robert Jenrick MP, met with Oil & Gas UK and industry representatives on 26 April at the Fiscal Forum held in our Aberdeen office. Mr Jenrick confirmed that HMRevenue and Customs’ (HMRC) plan to remove End Use Relief by July 2018 has been delayed until at least April 2019. This change follows discussions with the Treasury, BEIS, HMRC and MPs from across political parties, as well as discussions in a Parliamentary debate in which Energy and Clean GrowthMinister, Claire Perry MP, committed to intervene. Oil & Gas UK will continue to work with HMRC to seek a long-term alternative solution to End Use Relief for the UK offshore industry.

Robert Jenrick MP, Oil and Gas Authority and Oil & Gas UK representatives met again in August 2018

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