Zero PRT: Too Little Too Late?
On March 16, the U.K. government effectively abolished the Petroleum Revenue Tax (PRT) and reduced the supplementary charge tax from 20 percent to 10 percent - a measure which could result in approximately £1billionn ($1.4 billion) tax break over the coming five years. The government’s aim is to encourage investment in infrastructure and new developments, as well as support production from existing fields in the UKCS. However, is this just too little too late? With production in decline, the U.K.
Winners of GE, Statoil's Open Innovation Challenge
GE and Statoil’s Sustainability Collaboration announced today the five winners of its inaugural Open Innovation Challenge that focused on addressing the use of sand in unconventional operations. Five Winning Technologies Address Alternatives for Sand in Shale Development: Sand plays a critical role in shale development and the hydraulic fracturing process. The proppant is mixed with water and injected into a formation to “stimulate” or “prop open” the tiny fractures, enabling oil and natural gas to flow freely.
GE, Statoil Announce Open Innovation Challenge Winners
GE and Statoil’s Sustainability Collaboration announced today the five winners of its inaugural Open Innovation Challenge that focused on addressing the use of sand in unconventional operations. Five Winning Technologies Address Alternatives for Sand in Shale Development: Sand plays a critical role in shale development and the hydraulic fracturing process. The proppant is mixed with water and injected into a formation to “stimulate” or “prop open” the tiny fractures, enabling oil and natural gas to flow freely.
Invaluable Decommissioning Sessions Continue
North Sea decommissioning will undoubtedly have an impact upon operators and suppliers alike. What is not so widely understood is the sheer scale of opportunity that will arise from the decommissioning phase, and how companies can plan to make the most of those opportunities as they arise. The purpose of Decom North Sea (DNS) is to enable and facilitate operators, the supply chain and other stakeholders to collaborate, innovate and thus develop efficient solutions for offshore asset decommissioning.
