|
Advance Petroleum Revenue Tax Act 1986
The Advance Petroleum Revenue Tax Act 1986 (c. 68) is an Act of the Parliament of the United Kingdom which provided for the repayment of advance petroleum revenue tax (APRT) to a participator in an oil field where the net profit period has not been reached. Background The Advance Petroleum Revenue Tax Act implemented the proposal announced by the Chancellor of the Exchequer in the Autumn Statement to accelerate, on a targeted basis, the arrangements for the repayment of advance petroleum revenue tax due to oil companies. Text was copied from this source, which is licensed under th Open Parliament Licence v3.0 © Parliamentary Copyright. The fall in world oil prices in 1986 had a serious impact on the economics of North Sea development, resulting in cutbacks in activity. Companies involved in North Sea activity had reassessed their plans to take low oil prices into account, but some of them faced the more immediate problems caused by a shortage of the cash available to go ahe ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Act Of Parliament
Acts of Parliament, sometimes referred to as primary legislation, are texts of law passed by the Legislature, legislative body of a jurisdiction (often a parliament or council). In most countries with a parliamentary system of government, acts of parliament begin as a Bill (law), bill, which the legislature votes on. Depending on the structure of government, this text may then be subject to assent or approval from the Executive (government), executive branch. Bills A draft act of parliament is known as a Bill (proposed law), bill. In other words, a bill is a proposed law that needs to be discussed in the parliament before it can become a law. In territories with a Westminster system, most bills that have any possibility of becoming law are introduced into parliament by the government. This will usually happen following the publication of a "white paper", setting out the issues and the way in which the proposed new law is intended to deal with them. A bill may also be introduced in ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Parliament Of The United Kingdom
The Parliament of the United Kingdom is the supreme legislative body of the United Kingdom, the Crown Dependencies and the British Overseas Territories. It meets at the Palace of Westminster, London. It alone possesses legislative supremacy and thereby ultimate power over all other political bodies in the UK and the overseas territories. Parliament is bicameral but has three parts, consisting of the sovereign ( King-in-Parliament), the House of Lords, and the House of Commons (the primary chamber). In theory, power is officially vested in the King-in-Parliament. However, the Crown normally acts on the advice of the prime minister, and the powers of the House of Lords are limited to only delaying legislation; thus power is ''de facto'' vested in the House of Commons. The House of Commons is an elected chamber with elections to 650 single-member constituencies held at least every five years under the first-past-the-post system. By constitutional convention, all governme ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Chancellor Of The Exchequer
The chancellor of the Exchequer, often abbreviated to chancellor, is a senior minister of the Crown within the Government of the United Kingdom, and head of His Majesty's Treasury. As one of the four Great Offices of State, the Chancellor is a high-ranking member of the British Cabinet. Responsible for all economic and financial matters, the role is equivalent to that of a finance minister in other countries. The chancellor is now always Second Lord of the Treasury as one of at least six lords commissioners of the Treasury, responsible for executing the office of the Treasurer of the Exchequer the others are the prime minister and Commons government whips. In the 18th and early 19th centuries, it was common for the prime minister also to serve as Chancellor of the Exchequer if he sat in the Commons; the last Chancellor who was simultaneously prime minister and Chancellor of the Exchequer was Stanley Baldwin in 1923. Formerly, in cases when the chancellorship was vacant, the L ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Price Of Oil
The price of oil, or the oil price, generally refers to the spot price of a barrel () of benchmark crude oil—a reference price for buyers and sellers of crude oil such as West Texas Intermediate (WTI), Brent Crude, Dubai Crude, OPEC Reference Basket, Tapis crude, Bonny Light, Urals oil, Isthmus and Western Canadian Select (WCS). Oil prices are determined by global supply and demand, rather than any country's domestic production level. The global price of crude oil was relatively consistent in the nineteenth century and early twentieth century. This changed in the 1970s, with a significant increase in the price of oil globally. There have been a number of structural drivers of global oil prices historically, including oil supply, demand, and storage shocks, and shocks to global economic growth affecting oil prices. Notable events driving significant price fluctuations include the 1973 OPEC oil embargo targeting nations that had supported Israel during the Yom Kippur War ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
North Sea
The North Sea lies between Great Britain, Norway, Denmark, Germany, the Netherlands and Belgium. An epeiric sea on the European continental shelf, it connects to the Atlantic Ocean through the English Channel in the south and the Norwegian Sea in the north. It is more than long and wide, covering . It hosts key north European shipping lanes and is a major fishery. The coast is a popular destination for recreation and tourism in bordering countries, and a rich source of energy resources, including wind and wave power. The North Sea has featured prominently in geopolitical and military affairs, particularly in Northern Europe, from the Middle Ages to the modern era. It was also important globally through the power northern Europeans projected worldwide during much of the Middle Ages and into the modern era. The North Sea was the centre of the Vikings' rise. The Hanseatic League, the Dutch Republic, and the British each sought to gain command of the North Sea and access t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Oil And Gas Industry In The United Kingdom
The oil and gas industry plays a central role in the economy of the United Kingdom. Oil and gas account for more than three-quarters of the UK's total primary energy needs. Oil provides 97 per cent of the fuel for transport, and gas is a key fuel for heating and electricity generation. Transport, heating and electricity each account for about one-third of the UK's primary energy needs. Oil and gas are also major feedstocks for the petrochemicals industries producing pharmaceuticals, plastics, cosmetics and domestic appliances. Although UK Continental Shelf production peaked in 1999, in 2016 the sector produced 62,906,000 cubic metres of oil and gas, meeting more than half of the UK's oil and gas needs. There could be up to 3.18 billion cubic metres of oil and gas still to recover from the UK's offshore fields. In 2017, capital investment in the UK offshore oil and gas industry was £5.6 billion. Since 1970 the industry has paid almost £330 billion in production tax. About 280,000 j ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
North Sea Oil
North Sea oil is a mixture of hydrocarbons, comprising liquid petroleum and natural gas, produced from petroleum reservoirs beneath the North Sea. In the petroleum industry, the term "North Sea" often includes areas such as the Norwegian Sea and the area known as "West of Shetland", "the Atlantic Frontier" or "the Atlantic Margin" that is not geographically part of the North Sea. Brent crude is still used today as a standard benchmark for pricing oil, although the contract now refers to a blend of oils from fields in the northern North Sea. From the 1960s to 2014 it was reported that 42 billion barrels of oil equivalent (BOE) had been extracted from the North Sea since when production began, and there is still a potential of 24 billion BOE left remaining there, which is equivalent to about 35 years worth of production, the North Sea will remain as an important petroleum reservoir for years to come. History 1851–1963 Commercial extraction of oil on the shores of the North Sea ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Petroleum Act
Petroleum Act (with its variations) is a stock short title used internationally for legislation relating to petroleum. List Bahamas * The Petroleum Act 1971 Bangladesh * The Petroleum Act 1934 India * The Petroleum Act 1934 Iran * The Petroleum Act 1987 Ireland * The Petroleum and Other Minerals Development Act 1960 Jamaica * The Petroleum Act 1979 Kenya * The Petroleum Act 2019 Malawi * The Petroleum (Exploration and Production) Act 1984 Malaysia *The Petroleum Development Act 1974 *The Petroleum and Electricity (Control of Supplies) Act 1974 *The Petroleum (Income Tax) Act 1967 *The Petroleum Mining Act 1966 *The Petroleum (Safety Measures) Act 1984 New Zealand * The Petroleum Act 1937 Nigeria * The Petroleum Act 1969 Norway * The Petroleum Act 1996 Thailand * The Petroleum Act 1971 Trinidad and Tobago * The Petroleum Act 1969 United Kingdom *The Petroleum Act 1998 (c 17) *The Petroleum Royalties (Relief) and Continental S ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
United Kingdom Acts Of Parliament 1986
United may refer to: Places * United, Pennsylvania, an unincorporated community * United, West Virginia, an unincorporated community Arts and entertainment Films * ''United'' (2003 film), a Norwegian film * ''United'' (2011 film), a BBC Two film Literature * ''United!'' (novel), a 1973 children's novel by Michael Hardcastle Music * United (band), Japanese thrash metal band formed in 1981 Albums * ''United'' (Commodores album), 1986 * ''United'' (Dream Evil album), 2006 * ''United'' (Marvin Gaye and Tammi Terrell album), 1967 * ''United'' (Marian Gold album), 1996 * ''United'' (Phoenix album), 2000 * ''United'' (Woody Shaw album), 1981 Songs * "United" (Judas Priest song), 1980 * "United" (Prince Ital Joe and Marky Mark song), 1994 * "United" (Robbie Williams song), 2000 * "United", a song by Danish duo Nik & Jay featuring Lisa Rowe Television * ''United'' (TV series), a 1990 BBC Two documentary series * ''United!'', a soap opera that aired on BBC One from 1965-19 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
