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SMi are proud to present…

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Taxation in Oil and Gas Conference 2011

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“Over the last 40 years the UK has developed into one of the world's major oil production countries. Although the North Sea is a relatively high cost production area, its high quality crude oil, political stability, and proximity to major European consumer markets have allowed it to play a major role in world oil and gas activity.

 

The structure of the oil industry in the North Sea is changing. Once dominated by the oil majors, there has in recent years been a steady divestment of North Sea assets by these groups and the increasing involvement of comparatively smaller oil companies.”

Source: HMRC

 

The taxation changes introduced in the budget have dramatically altered growth prospects for many Oil and Gas companies. To fully understand the importance of the tax increase discussion between the key players in the market is vital.  

 

SMi’s Taxation in Oil and Gas conference will provide the oil and gas industry a platform to discuss and dissect the crucial developments facing taxation in oil and gas, and the prospects for industry growth as a result. The leading authorities on tax will provide expert insight and thorough debate providing you with all the information and tools necessary to tackle the changing fiscal landscape.

       

 

  

Expert Speakers Include:

 

·         Jim Robertson, VP Tax, Shell International

 

·         Raymond Hall, Manager Upstream Fiscal Economics and Advocacy, BP

 

·         Catriona Manzi, UK Tax Manager, Premier Oil

 

·         Danny Houben, Transfer Pricing Advisor, Shell International

 

·         Derek Elcock, Director, EK Consulting, (Former) Tax Manager, Total UK

 

·         Douglas Townsend, Senior Advisor, International Tax and Investment Center

 

·         Philip Greatrex, Director, CW Energy

 

·         Professor Alex Kemp, Professor of Petroleum Economics, Director, Aberdeen Centre for Research in Energy Economics and Finance (ACREEF)

 

·         Waldo Kapoen, Tax Lawyer, Loyens & Loeff

 

·         Gaute Solheim, Senior Advisor, Norwegian Tax Administration

 

·         Neil Strathdee, Tax Partner, Mining, Oil & Gas and Utilities, Ernst & Young

 

·         Gary Shortman, Tax Director, BDO LLP

 

·         Sally Carroll, Tax Manager, Petrofac Energy Developments

 

·         Roman Webber, Partner, Deloitte 

 

·         Jim Hannon, Partner, HannonWestwood 

 

 

 

If you're interested in finding out more including sponsorship and speaking opportunities please contact SMi on;

For sponsorship opportunities contact - sponsorship@smi-online.co.uk

For speaking opportunities contact - production@smi-online.co.uk 

 

Benefits of Attending:

 

Update your knowledge of taxation in the oil and gas industry and all the key developments over the last 12 months 

 

Understand the implications of the tax increase announced in the budget 

 

Learn through firsthand accounts and unmissable case studies the key to profitable accounting

 

Evaluate the latest trends and developments in the industry   

 

Discover what the future holds post-recession and with a rapidly changing fiscal landscape   

 

Network with all the key personnel in the oil and gas taxation sector 

 

Earn CPD points in a stimulating and engaging environment

This event is designed and targeted to meet the demands of senior tax and accounting executives engaged in the Oil and Gas sector including:

 

             Head of Oil and Gas Tax Policy

             Manager Fiscal Economies

             Tax Manager

             Head of International Tax

             Partner/Associate Partner Energy Tax

             Transfer Pricing Manager

             Tax Consultant Energy

             Tax Partner Energy

             Tax Advisor Energy

             Senior Manager Technical Accounting

             Head of Technical Accounting

             Group Financial Controller

             Fiscal Issues Manager

             Tax Director

             Tax Lawyer

             UK Tax Manager

             VP Tax

             Senior Tax Advisor

Conference programme

8:30 Registration & Coffee

9:00 Chairman's Opening Remarks

Jim Robertson

Jim Robertson, VP Tax, Europe Africa & Asia-Pacific , Shell Exploration and Production

9:10 Economic Aspects of Evolving Tax Issues in UKCS

Alex  Kemp

Alex Kemp, Professor of Petroleum Economics, University of Aberdeen Business School

         ·            Fluctuating oil and gas prices and taxable capacity

         ·            Effects of allowances for small fields, HP/HT and heavy oil fields and remote, deep water gas fields on activity levels

         ·            Effects of Phase 3 of EU ETS on activity levels

         ·            Incremental investments in PRT-paying fields

         ·            Tax relief for decommissioning activity

9:50 Keynote Address:

Raymond Hall

Raymond Hall, Manager Upstream Fiscal Economics and Advocacy, BP

         ·            The Legacy:

                     ·                        Fiscal regime structure

                     ·                        Basin fundamentals

         ·            Political context

         ·            Recent changes

         ·            Recent initiatives

         ·            Climate Change Policy

         ·            Summary

10:30 Morning Coffee

11:00 The Impact of the new SCT increases on the UKCS

Jim Hannon

Jim Hannon, Founding Partner, Hannon Westwood Associates

  • Understanding the consequences of the new increase in tax take on the UKCS
  • Those are affected and included in the talk are: portfolio NPV, Tax Take, Industry jobs, Capex and Opex, Oil & Gas reserves, and assets likely to be drilled or dropped.

  • 11:40 Change of Use: Tax Implication on Change of Use Projects from a North Sea Oil Company and a Non Ring Fence Company Perspective

    Sally Carroll

    Sally Carroll, Tax Manager, Petrofac Energy Developments

    ·         Are change of use projects subject to UK tax?

    ·         Deemed disposal implications

    ·         Decommissioning

    ·         Deductibility of costs

    12:20 Networking Lunch

    13:50 Recent Legislative Changes and their Impact on the UK as a Holding Company for Oil and Gas Companies

    Gary Shortman

    Gary Shortman, Tax Director , BDO LLP

    ·         Update on the legislation introduced in the 2011 Finance Bill

    ·         Future of 'tax havens' in international planning

    ·         Recent changes to taxation of permanent establishments

    ·         Implications of the recent changes on group financing

    14:20 Impact of CT Reform on the Oil and Gas Industry

    Neil  Strathdee

    Neil Strathdee , Tax Partner , Ernst & Young

    ·         UK taxation of international assets

    ·         Proposed branch exemption

    ·         Changes to controlled foreign company regime in 2011 and 2012

    15:10 Afternoon Tea

    15:40 Technical update: Capital reductions, transactions in securities and value shifting

    Andrew  Lister

    Andrew Lister , Partner, KPMG LLP

  • Background to capital reduction and interaction with distribution exemption
  • Transactions in securities rules: background and latest position
  • Overview of value shifting and depreciatory transactions and the latest position

     

  • 16:20 An Overview of the Impact of VAT and Potential Duty Suspension on North Sea Activities

    ·                     What “indirect tax” covers

    ·                     The exposures and risks presented by the high rates

    ·                     Conditional duty free – Jumping through hoops

    Derek Elcock

    Derek Elcock, Former Tax Manager, Total Oil

    17:00 Chariman's Closing Remarks and Close of Day One

    8:30 Registration & Coffee

    9:00 Chairman's Opening Remarks

    Raymond Hall

    Raymond Hall, Manager Upstream Fiscal Economics and Advocacy, BP

    9:10 The Oil & Gas Vs Green Energy: Tax Friends or Foes?

    Roman Webber

    Roman Webber, Director, Deloitte

    ·         Scope of offshore UK non oil & gas activities and implications

    ·         ‘Change of use’

    ·         EU ETS

    ·         CRC Energy Efficiency Commitment

    ·         Impact of Climate Change Levy/electricity market reform

    9:50 The Tax Implications of Acquiring a Company in Administration

    Catriona  Manzi

    Catriona Manzi, UK Tax Manager, Premier Oil

    ·         Overview of administration/CVA process

    ·         Tax accounting periods

    ·         Release of debt

    ·         Administration costs

    ·         Interest deductibility

    ·         DSA default

    ·         Acquisition accounting

    ·         Practical issues

    10:30 Morning Coffee

    11:00 Keynote Address:

    Danny Houben

    Danny Houben, Transfer Pricing Advisor , Shell international BV

    ·         Latest developments on cost sharing

    ·         Application to Shell

    ·         OECD, EUJTF

    11:40 Acquisitions and Disposals of North Sea Licences, Avoiding Tax Leakage and Capturing Tax Synergies

    Philip Greatrex

    Philip Greatrex, Director, CW Energy

    ·         Recap of the fundamentals;

    ·         What assets are being sold

    ·         The impact of the allocation of the consideration for capital gains tax and capital allowances on buyer and seller

    ·         The mechanics of the interim period and working capital process and its tax impacts

    ·         Why Capital gains tax should be a thing of the past

    ·         Review of the main capital gains tax reliefs available for asset and share deals

    ·         The additional opportunities to be offered by Finance Act 2011

    ·         Current trends and potential pitfalls; Development Carries, Contingent Consideration, Net Profit Interests   

    12:20 Networking Lunch

    13:50 Current Developments in the Netherlands

    Waldo Kapoen

    Waldo Kapoen, Tax Partner, Loyens & Loeff

    ·         Overview of Netherlands oil and gas taxation

    ·         Separation of production assets

    ·         Innovation box 

    ·         Tax treatment of marginal fields

    ·         Financing of oil and gas activities

    14:30 EURASIAN ENERGY: Tax Matters - and Total Tax Matters More

    Douglas Townsend

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

    ·         Why Tax Policy & Administration Matter

    ·         Elements of Optimum Tax Regime

    ·         SITREP EURASIA

    ·         Overview of Prospective Developments

    15:10 International E&P: Looking for the Facts - Room for Interpretation?

    Gaute Solheim

    Gaute Solheim, Senior Tax Advisor, SFS

    ·         A “brand new” approach?

    ·         Old facts new classification?

    ·         What the future holds

    15:50 Chairman's Closing Remarks

    16:00 Afternoon Tea and Close of Day Two

    +

    Workshops

    Major Directions in Oil & Gas Taxation
    Workshop

    Major Directions in Oil & Gas Taxation

    Crowne Plaza - The City
    11th May 2011
    London, United Kingdom

    Crowne Plaza - The City

    19 New Bridge Road
    London EC4V 6DB
    United Kingdom

    Crowne Plaza - The City

    HOTEL BOOKING FORM

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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.

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    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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