Oil & Gas UK Economic Report 2014

PILOT

joint oil and gas government– industry forum chaired by the secretary of state for energy and climate change the rate of production, transmission or consumption of energy

1

power

2

PRT

Petroleum Revenue Tax

PV

photovoltaic

p/th R&D RFCT

pence per therm (for gas) research and development

3

‘Ring Fence’ Corporation Tax (as applied to upstream oil and gas production in UK) remotely operated vehicle (subsea) Scottish Council for Development and Industry Supplementary Charge (a corporate tax applied to upstream oil and gas production in addition to RFCT) Standard Industrial Classification (ref ONS) description of a well that is started from the bore of an existing well, but is then deviated to create a new well small to medium (sized) enterprise southern North Sea (sometimes referred to as ‘southern gas basin’) science, technology, engineering and maths

ROV SCDI

4

SC

5

SIC

sidetrack

6

SME SNS

STEM

7

trillion

one million million or 10 12

UKCS UKTI UDC UOC Watt

United Kingdom Continental Shelf

UK Trade & Investment unit development cost

8

unit operating cost

unit of power under the International System of Units, named after James Watt, a Scottish engineer; one watt equals one joule per second west of Shetland (sometimes referred to as ‘Atlantic margin’) West Texas Intermediate (the standard quality of oil for trading in the USA)

WoS

WTI

YTF

yet-to-find (resources)

Editorial Note: • The drafting of this report was undertaken during June and July 2014.

101

ECONOMIC REPORT 2014