Emre Üşenmez – författare

Since its inception some 40 years ago, petroleum-specific taxation in the UK has been subject to numerous modifications. Often these modifications were brought into place not only to sufficiently incentivise the investors but also to capture a fair share for the government. However, it is evident from the frequency of changes that finding the right balance between these two aims is no easy matter. Such a balance, and the consequent fiscal stability, is necessary for the long-term relationship between the parties to endure to their mutual benefit. Still, it does not take much for one or other party to feel that they are out of balance. As a consequence, one party feels that the other party is taking an undue proportion of the value generated and that they are losing out.

Yet achieving that balance and fiscal stability is possible. To understand this possibility, this book first clarifies what is meant by sufficient incentivisation and fair share before developing a new fiscal system that manages this balance and stability. Such clarification yields objective criteria against which to assess not only the existing regime, but also the newly proposed regime. This approach is further complemented by the critical analysis of the fiscal legislative framework and the evaluation of the legal positions of specific contractual elements and mechanisms found within that framework. This latter analysis is important in order to reduce the legal uncertainty such elements may create, which can otherwise lead to further reactive amendments and revisions to the fiscal regime in the future.

Since its inception some 40 years ago, petroleum-specific taxation in the UK has been subject to numerous modifications. Often these modifications were brought into place not only to sufficiently incentivise the investors but also to capture a fair share for the government. However, it is evident from the frequency of changes that finding the right balance between these two aims is no easy matter. Such a balance, and the consequent fiscal stability, is necessary for the long-term relationship between the parties to endure to their mutual benefit. Still, it does not take much for one or other party to feel that they are out of balance. As a consequence, one party feels that the other party is taking an undue proportion of the value generated and that they are losing out.

Yet achieving that balance and fiscal stability is possible. To understand this possibility, this book first clarifies what is meant by sufficient incentivisation and fair share before developing a new fiscal system that manages this balance and stability. Such clarification yields objective criteria against which to assess not only the existing regime, but also the newly proposed regime. This approach is further complemented by the critical analysis of the fiscal legislative framework and the evaluation of the legal positions of specific contractual elements and mechanisms found within that framework. This latter analysis is important in order to reduce the legal uncertainty such elements may create, which can otherwise lead to further reactive amendments and revisions to the fiscal regime in the future.

In recent years, a great deal has changed in the oil and gas industry, from legal and regulatory change to falling oil prices. The contemporary oil and gas industry is now intensely focussed on cost-saving and the UK has radical redrawn its revenue-raising expectations. This updated third edition of UK Oil and Gas Law has been published in two volumes: this volume focuses on resource management and regulatory law, while the other deals with commercial and contract law issues. The twin volumes bring together academic and practising lawyers, mainly based in Aberdeen, Europe’s Energy Capital, to consider the key regulatory and commercial dimensions of an ever-changing hydrocarbon province.

In recent years, a great deal has changed in the oil and gas industry, from legal and regulatory change to falling oil prices. The contemporary oil and gas industry is now intensely focussed on cost-saving and the UK has radical redrawn its revenue-raising expectations. This updated third edition of UK Oil and Gas Law has been published in two volumes: this volume focuses on resource management and regulatory law, while the other deals with commercial and contract law issues. The twin volumes bring together academic and practising lawyers, mainly based in Aberdeen, Europe’s Energy Capital, to consider the key regulatory and commercial dimensions of an ever-changing hydrocarbon province.

In recent years, a great deal has changed in the oil and gas industry, from legal and regulatory change to falling oil prices. The contemporary oil and gas industry is now intensely focussed on cost-saving and the UK has radical redrawn its revenue-raising expectations. This updated third edition of UK Oil and Gas Law has been published in two volumes: this volume focuses on commercial and contract law issues, while the other deals with resource management and regulatory law. The twin volumes bring together academic and practising lawyers, mainly based in Aberdeen, Europe’s Energy Capital, to consider the key regulatory and commercial dimensions of an ever-changing hydrocarbon province.