Oil & Gas UK Economic Report 2015

SNS

southern North Sea (sometimes referred to as ‘southern gas basin’)

1

TVA

Total Value Added

UKCS UOC VAT WoS

United Kingdom Continental Shelf

unit operating cost Value Added Tax

2

west of Shetland (sometimes referred to as ‘Atlantic margin’) West Texas Intermediate (the standard quality of oil for trading in the USA)

WTI

3

YTF

yet-to-find (resources)

4

5

6

7

8

9

10

83

ECONOMIC REPORT 2015