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A considerable amount of change has taken place in Oil and Gas Taxation and Accountancy over recent years and this has confronted the industry with complex issues. This Conference will offer guidance those in the oil and gas industry to help them learn how to overcome these pitfalls. This will be done by offering tax professionals - both authorities and advisers within the industry-the chance to come together to discuss and debate key topics of mutual interest. The Conference will cover major areas of current change in the tax system including the developments both in the UK and overseas.

This conference is designed to enable companies to comply with new accounting standards, tax laws and planning opportunities, to maintain the most cost effective tax structures and to stay one step ahead of the financial developments in the oil and gas sector.

The key issues that will be covered are the current issues confronting the oil and gas companies within the UK, EU and global market. Oil & Gas Taxation & Accountancy will be a mixture of presentations, case studies and panel discussions providing an invaluable forum for discussion of taxation strategies. The Conference will provide an opportunity to learn from the regulators and voice your concerns with key policy makers and to understand their thinking. Oil and Gas Taxation and Accountancy will create an opportunity to share knowledge of the complex array of taxes applicable to the oil and gas industry, to consider the application and impact of those taxes. Participants learn practical solutions to complicated oil and gas tax issues and strategies for dealing more effectively with the various operating entities.

A forward looking event where you will:
· Establish methods for overcoming global transfer pricing issues
· Learn to effectively manage EU corporate taxation harmonisation
· Understand how to identify vulnerability in the taxation regime to maximise your revenue
· Discover the recently created tax investment benefits of trading LNG in Singapore
· Acquire indispensable knowledge of the best methods on efficient pipeline trading with developing regimes

A unique opportunity to learn from leading industry experts including:

  • Professor Alex Kemp, Schlumberger Professor of Petroleum Economics, University of Aberdeen
  • Jim Robertson, E & P Global Tax Director, Shell Exploration and Production
  • James Ramsay, Manager, Audit, Petro-Canada
  • Raymond Hall, Commercial Advisor, BP
  • Neville Howlett, Government Relations - Fiscal Affairs, Total
  • Alan Thomson, Tax Manager, Centrica
  • Douglas Townsend, Senior Advisor, International Taxation and Investment Centre (ITIC)
  • Michael Tholen, Economics and Commercial Director, United Kingdom Offshore Operations Association (UKOOA)
  • Aw Kah Peng, Director Chemicals Cluster, Singapore Economic Development Board
  • Conference programme

    8:30 Registration and Coffee

    9:00 Chairman's Opening Remarks

    Jim Robertson

    Jim Robertson, E & P Global Tax Director, Shell Exploration and Production

    9:10 THE NORTH SEA – ENERGY FOR CHANGE

    Michael Tholen

    Michael Tholen, Economics and Commercial Director, United Kingdom Offshore Operations Association (UKOOA)

  • UKCS – North Sea outlook
  • Size of the prize – future still to be secured
  • Challenges ahead – building relationships to deliver change
  • Maintaining diversity – measures to retain existing players and attract new entrants
  • 9:40 FINANCING NORTH SEA ACTIVITIES

    Alan Thomson

    Alan Thomson, Tax Manager, Centrica

  • Plain vanilla debt
  • Optimising capital debt
  • Prepaid sales
  • Sale and lease back
  • Lease and lease back
  • Effect of CT reform
    IFRS accounting
  • 10:20 THE NORTH SEA TAX ENVIRONMENT

    Stewart Norman

    Stewart Norman, Director, CW Energy

  • Recent tax changes and how these can assist transactions
  • Buyer and seller tax considerations
  • Corporate or asset sale?
  • Practical issues
  • 11:00 Morning Coffee

    11:20 ACQUISITIONS AND DISPOSALS

    Roman Webber

    Roman Webber, Director, Energy, Infrastructure & Utilities, Deloitte

  • The importance of structure to valuations
  • Issues for new entrants
  • The international dimension
  • Decommissioning as a tax driver and the increasing influence on the deal structure
  • Evaluating tax risk
  • 12:00 MATURE FIELDS

    Professor Alex Kemp

    Professor Alex Kemp, Sclumberger Professor of Petroleum Economics, University of Aberdeen

  • Importance of incremental investments in the UKCS
  • How risky are incremental investments?
  • Complex tax treatment of incremental tax investments · PRT-paying fields · Non PRT-paying fields
  • What is the significance of a non-level tax playing field?
  • Lessons from other countries such as Norway
  • Possible tax incentives
  • 12:40 Networking Lunch

    14:00 BROWN FIELD AND DECOMMISSIONING ISSUES

    Neville Howlett

    Neville Howlett, Government Relations - Fiscal Affairs, Total

  • Brown fields, a key to deferring abandonment
  • The Frigg experience so far
  • Decommissing – why we need clarity
  • Some of the tax anomalies still to be addressed
  • 14:40 TRANSFER PRICING

    Derrick Parkes

    Derrick Parkes, Tax Partner, KPMG

  • The transfer pricing environment
  • Using competent authority to resolve enquiries
  • Arbitration
  • Eliminating risk through advance pricing agreements
  • 15:20 PANEL DISCUSSION - THE UK NORTH SEA FISCAL REGIME

  • The UK government’s fiscal policies and incentives for investment in the North Sea
  • The distinction between upstream and downstream policies
  • Consideration of the risk and the benefits of investing in the North Sea
  • The effect of downstream bottom line tax implications of drilling and exploration projects
  • The UKCS free entreprise system
  • Raymond Hall

    Raymond Hall, Commercial Advisor, BP

    Michael Tholen

    Michael Tholen, Economics and Commercial Director, United Kingdom Offshore Operations Association (UKOOA)

    Alan Thomson

    Alan Thomson, Tax Manager, Centrica

    Roman Webber

    Roman Webber, Director, Energy, Infrastructure & Utilities, Deloitte

    16:00 Chairman’s Closing Remarks and Close of Day One, followed by Afternoon Tea

    8:30 Re-registration and Coffee

    9:00 Chairman's Opening Remarks

    James Ramsay

    James Ramsay, Manager, Audit, Petro-Canada

    9:10 VULNERABILITY IN THE TAX REGIME

  • UK vs ECJ tax law – facing the problem
  • UK corporate perspective
  • Focus on oil profits
  • Focus on other EU/EEA countries including the Netherlands, Denmark and Norway
  • John Ritchie

    John Ritchie, Senior Tax Manager, Oil and Gas, PricewaterhouseCoopers

    Peter Cussons

    Peter Cussons, International Tax Partner, PricewaterhouseCoopers

    9:40 PETROLEUM LEGISLATION

    Chris Moore

    Chris Moore, Managing Director, Moyes and Co. (USA)

  • Petroleum legislation, contract formats and comparative terms
  • Comparative contractor take, target investment returns
  • Valuing assets/business units, portfolio, operator effects, risk aversion
  • Fair market values, business and technical risk value drivers
  • Global technical value opportunities vs value
  • Aligning Government and industry to drive investment
  • 10:20 EU HARMONISATION:

    Waldo Kapoen

    Waldo Kapoen, Tax Partner, Loyens and Loeff

  • Transfer pricing · EU joint transfer pricing forum · EU compatibility with transfer pricing · Consideration of how to resolve transfer pricing issues
  • EU impact on taxation · EU corporate tax conference on EU corporate tax progress and new challenges · Regulation on energy taxation
  • Important ECJ cases
  • 11:00 Morning Coffee

    11:20 TRANSFER PRICING IN THE UK

    Colin Clavey

    Colin Clavey, Senior Manager, Ernst & Young

  • Policing UK transfer pricing rules – recent experience
  • UK/UK transfer pricing
  • Stock options after Waterloo
  • 2003 rules on the taxation of UK branches
  • Hot topics
  • 12:00 INTERNATIONAL TAX STRATEGY

    Alan McCrae

    Alan McCrae, Partner, Ernst & Young

  • Achieving sustainable and effective tax rates
  • Achieving sustainable local and tax groups tax perspectives
  • Current development in financing techniques
  • Typical group holding structures
  • 12:40 Networking Lunch

    14:00 CASE STUDY

    Douglas Townsend

    Douglas Townsend, Senior Advisor, International Taxation and Investment Centre (ITIC)

  • A review of current issues · The practice in Azerbaijan · Kazakhstan · The Russian Federation
  • 14:40 CASE STUDY

    Aw Kah Peng

    Aw Kah Peng, Director Chemicals Cluster, Singapore Economic Development Board

  • Introduction to Singapore
  • Singapore’s oil and gas history · History · Developments as Asia’s oil trading centre · Jurong Island · Regional headquarters · Positioning Singapore as a gas hub
  • Tax environment in Singapore · Overview of principles · Investment tax incentives
  • 15:20 STRUCTURING AND TAXING INTERNATIONAL PIPELINES

    Geraad Anderson

    Geraad Anderson, Tax Partner, Ernst & Young (CIS)

  • Perspectives of producers, transit states and consumers
  • Investor objectives
  • Targeted taxation
  • Making a bankable project
  • Legal structures
  • Role of the Energy Charter Treaty and transit protocol
    Practical examples
  • 16:00 Chairman’s Closing Remarks and Close of Conference followed by Afternoon Tea

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    WHAT IS CPD?

    CPD stands for Continuing Professional Development’. It is essentially a philosophy, which maintains that in order to be effective, learning should be organised and structured. The most common definition is:

    ‘A commitment to structured skills and knowledge enhancement for Personal or Professional competence’

    CPD is a common requirement of individual membership with professional bodies and Institutes. Increasingly, employers also expect their staff to undertake regular CPD activities.

    Undertaken over a period of time, CPD ensures that educational qualifications do not become obsolete, and allows for best practice and professional standards to be upheld.

    CPD can be undertaken through a variety of learning activities including instructor led training courses, seminars and conferences, e:learning modules or structured reading.

    CPD AND PROFESSIONAL INSTITUTES

    There are approximately 470 institutes in the UK across all industry sectors, with a collective membership of circa 4 million professionals, and they all expect their members to undertake CPD.

    For some institutes undertaking CPD is mandatory e.g. accountancy and law, and linked to a licence to practice, for others it’s obligatory. By ensuring that their members undertake CPD, the professional bodies seek to ensure that professional standards, legislative awareness and ethical practices are maintained.

    CPD Schemes often run over the period of a year and the institutes generally provide online tools for their members to record and reflect on their CPD activities.

    TYPICAL CPD SCHEMES AND RECORDING OF CPD (CPD points and hours)

    Professional bodies and Institutes CPD schemes are either structured as ‘Input’ or ‘Output’ based.

    ‘Input’ based schemes list a precise number of CPD hours that individuals must achieve within a given time period. These schemes can also use different ‘currencies’ such as points, merits, units or credits, where an individual must accumulate the number required. These currencies are usually based on time i.e. 1 CPD point = 1 hour of learning.

    ‘Output’ based schemes are learner centred. They require individuals to set learning goals that align to professional competencies, or personal development objectives. These schemes also list different ways to achieve the learning goals e.g. training courses, seminars or e:learning, which enables an individual to complete their CPD through their preferred mode of learning.

    The majority of Input and Output based schemes actively encourage individuals to seek appropriate CPD activities independently.

    As a formal provider of CPD certified activities, SMI Group can provide an indication of the learning benefit gained and the typical completion. However, it is ultimately the responsibility of the delegate to evaluate their learning, and record it correctly in line with their professional body’s or employers requirements.

    GLOBAL CPD

    Increasingly, international and emerging markets are ‘professionalising’ their workforces and looking to the UK to benchmark educational standards. The undertaking of CPD is now increasingly expected of any individual employed within today’s global marketplace.

    CPD Certificates

    We can provide a certificate for all our accredited events. To request a CPD certificate for a conference , workshop, master classes you have attended please email events@smi-online.co.uk

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