OIL, GAS & UK TAX - the following fact sheet from Uplift may be worth reading for everyone on the day BP post a 30x last quarter profit explosion….
Since the Paris Climate Agreement UK has given well over £4 billion of your money to oil companies mostly to pay for clearing up their mess in the N Sea - politely known as decommissioning…
The total cost of tax reliefs to the oil and gas industry was £3 billion in 2019-20, according to UK Government data. The UK’s tax regime makes it the most profitable country in the world for oil and gas companies to develop big projects…
In 2019 for each barrel of oil the UK received $1.72 in tax while Norway received to $21.35 In 2017 for each barrel of oil the UK received $1.86 in tax while Norway received $13.53…
Shell paid $1.8 billion in tax to Norway in 2020 but received £99.1 million in tax back in from the UK gov.The UK was the only country where Shell operates where it didn’t pay tax, according to the company’s annual report on payments to governments…
In 2019, BP paid no tax on its UK North Sea oil and gas business. BP’s effective corporation tax rate was minus 54%, compared to UK’s corporation tax rate of 19%. Source (BP’s 2019 tax report, page 47)…
On decommissioning: the UK transfers the cost of decommissioning (capping wells, breaking up rigs etc) from the polluters to the UK taxpayer. Govt calls this a “tax rebate”, but it fits WTO subsidy definition…
HMRC estimates that the cost to the UK taxpayer to support the industry for decommissioning will be £18.3 billion. (OGA/HMRC)…
The benefits of colossal subsidy and tax relief have not stopped job losses. Oil and Gas UK estimates that up to 30,000 oil and gas workers could lose their jobs by then end of 2021. The RMT union believes that 12,000 jobs were lost in 2020…
Shell received $99.1 million in tax back from the UK in 2020, according to its accounts. The company increased its dividend in 2021 weeks after announcing plans to cut 330 North Sea jobs. CEO Ben van Beurden took home $7 million in 2020. ENDS
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