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Oil And Gas Industry In The United Kingdom
The oil and gas industry plays a central role in the economy of the United Kingdom. Oil and gas account for more than three-quarters of the UK's total primary energy needs. Oil provides 97 per cent of the fuel for transport, and gas is a key fuel for heating and electricity generation. Transport, heating and electricity each account for about one-third of the UK's primary energy needs. Oil and gas are also major feedstocks for the petrochemicals industries producing pharmaceuticals, plastics, cosmetics and domestic appliances. Although UK Continental Shelf production peaked in 1999, in 2016 the sector produced 62,906,000 cubic metres of oil and gas, meeting more than half of the UK's oil and gas needs. There could be up to 3.18 billion cubic metres of oil and gas still to recover from the UK's offshore fields. In 2017, capital investment in the UK offshore oil and gas industry was £5.6 billion. Since 1970 the industry has paid almost £330 billion in production tax. About 280,000 j ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
United Kingdom Continental Shelf
The UK Continental Shelf (UKCS) is the region of waters surrounding the United Kingdom, in which the country has mineral rights. The UK continental shelf includes parts of the North Sea, the North Atlantic, the Irish Sea and the English Channel; the area includes large resources of oil and gas. The UK continental shelf is bordered by Norway, Denmark, Germany, the Netherlands, Belgium, France, and the Republic of Ireland. A median line, setting out the domains of each of these nations, was established by mutual agreement between them: - see the Continental Shelf Act 1964. Responsibility for the mineral rights of the UKCS rests with the Oil and Gas Authority part of Department for Business, Energy and Industrial Strategy (BEIS), which awards licences to oil companies to produce hydrocarbons from specific areas and regulates how much they can produce over what period. The UKCS is divided into numbered rectangular Quadrants, each one degree of latitude by one degree of longitude.{{Cit ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Hardstoft
Hardstoft is a hamlet in Derbyshire, England. It is located four miles east of Clay Cross, on the B6039 road. The Mexican Eagle Petroleum Company found small quantities of oil near Hardstoft in 1919 under encouragement from the British government. R. W. Ferrier, accessed 28 December 2008 See also *Listed buildings in Ault Hucknall
Ault Hucknall is a civil parish in the Bolsover district of Derbyshire, England. The parish ...
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Supply Chain
In commerce, a supply chain is a network of facilities that procure raw materials, transform them into intermediate goods and then final products to customers through a distribution system. It refers to the network of organizations, people, activities, information, and resources involved in delivering a product or service to a consumer. Supply chain activities involve the transformation of natural resources, raw materials, and components into a finished product and delivering the same to the end customer. In sophisticated supply chain systems, used products may re-enter the supply chain at any point where residual value is recyclable. Supply chains link value chains. Suppliers in a supply chain are often ranked by "tier", with first-tier suppliers supplying directly to the client, second-tier suppliers supplying to the first tier, and so on. Overview A typical supply chain begins with the ecological, biological, and political regulation of natural resources, followed by the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Corporation Tax
A corporate tax, also called corporation tax or company tax, is a direct tax imposed on the income or capital of corporations or analogous legal entities. Many countries impose such taxes at the national level, and a similar tax may be imposed at state or local levels. The taxes may also be referred to as income tax or capital tax. A country's corporate tax may apply to: * corporations incorporated in the country, * corporations doing business in the country on income from that country, * foreign corporations who have a permanent establishment in the country, or * corporations deemed to be resident for tax purposes in the country. Company income subject to tax is often determined much like taxable income for individual taxpayers. Generally, the tax is imposed on net profits. In some jurisdictions, rules for taxing companies may differ significantly from rules for taxing individuals. Certain corporate acts or types of entities may be exempt from tax. The incidence of corpor ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Price Of Petroleum
The price of oil, or the oil price, generally refers to the spot price of a barrel () of benchmark crude oil—a reference price for buyers and sellers of crude oil such as West Texas Intermediate (WTI), Brent Crude, Dubai Crude, OPEC Reference Basket, Tapis crude, Bonny Light, Urals oil, Isthmus and Western Canadian Select (WCS). Oil prices are determined by global supply and demand, rather than any country's domestic production level. The global price of crude oil was relatively consistent in the nineteenth century and early twentieth century. This changed in the 1970s, with a significant increase in the price of oil globally. There have been a number of structural drivers of global oil prices historically, including oil supply, demand, and storage shocks, and shocks to global economic growth affecting oil prices. Notable events driving significant price fluctuations include the 1973 OPEC oil embargo targeting nations that had supported Israel during the Yom Kipp ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Tax Revenue
Tax revenue is the income that is collected by governments through taxation. Taxation is the primary source of government revenue. Revenue may be extracted from sources such as individuals, public enterprises, trade, royalties on natural resources and/or foreign aid. An inefficient collection of taxes is greater in countries characterized by poverty, a large agricultural sector and large amounts of foreign aid. Just as there are different types of tax, the form in which tax revenue is collected also differs; furthermore, the agency that collects the tax may not be part of central government, but may be a third party licensed to collect tax which they themselves will use. For example, in the UK, the Driver and Vehicle Licensing Agency (DVLA) collects vehicle excise duty, which is then passed onto HM Treasury. Tax revenues on purchases come in two forms: "tax" itself is a percentage of the price added to the purchase (such as sales tax in U.S. states, or VAT in the UK), whil ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Primary Energy
Primary energy (PE) is an energy form found in nature that has not been subjected to any human engineered conversion process. It is energy contained in raw fuels, and other forms of energy, including waste, received as input to a system. Primary energy can be non-renewable or renewable. Where primary energy is used to describe fossil fuels, the embodied energy of the fuel is available as thermal energy and around 70% is typically lost in conversion to electrical or mechanical energy. There is a similar 60-80% conversion loss when solar and wind energy is converted to electricity, but today's UN conventions on energy statistics counts the electricity made from wind and solar as the primary energy itself for these sources. One consequence of this counting method is that the contribution of wind and solar energy is under reported compared to fossil energy sources, and there is hence an international debate on how to count primary energy from wind and solar. Primary energy is u ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Cubic Metre
The cubic metre (in Commonwealth English and international spelling as used by the International Bureau of Weights and Measures) or cubic meter (in American English) is the unit of volume in the International System of Units (SI). Its symbol is m3. Bureau International de Poids et Mesures.Derived units expressed in terms of base units". 2014. Accessed 7 August 2014. It is the volume of a cube with edges one metre in length. An alternative name, which allowed a different usage with metric prefixes, was the stère, still sometimes used for dry measure (for instance, in reference to wood). Another alternative name, no longer widely used, was the kilolitre. Conversions : A cubic metre of pure water at the temperature of maximum density (3.98 °C) and standard atmospheric pressure (101.325 kPa) has a mass of , or one tonne. At 0 °C, the freezing point of water, a cubic metre of water has slightly less mass, 999.972 kilograms. A cubic metre is sometimes abbreviat ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Barrel Of Oil Equivalent
The barrel of oil equivalent (BOE) is a unit of energy based on the approximate energy released by burning one barrel (, or ) of crude oil. The BOE is used by oil and gas companies in their financial statements as a way of combining oil and natural gas reserves and production into a single measure, although this energy equivalence does not take into account the lower financial value of energy in the form of gas. The U.S. Internal Revenue Service defines a BOE as equal to 5.8 million BTU. (, about Higher_heating_value">HHV.html" ;"title="Higher_heating_value.html" ;"title="/nowiki>Higher heating value">HHV">Higher_heating_value.html" ;"title="/nowiki>Higher heating value">HHV/nowiki>, or about .) The value is necessarily approximate as various grades of oil and gas have slightly different heating values. If one considers the lower heating value instead of the higher heating value, the value for one BOE would be approximately 5.4 GJ (see tonne of oil equivalent). Typically or ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
North Sea
The North Sea lies between Great Britain, Norway, Denmark, Germany, the Netherlands and Belgium. An epeiric sea on the European continental shelf, it connects to the Atlantic Ocean through the English Channel in the south and the Norwegian Sea in the north. It is more than long and wide, covering . It hosts key north European shipping lanes and is a major fishery. The coast is a popular destination for recreation and tourism in bordering countries, and a rich source of energy resources, including wind and wave power. The North Sea has featured prominently in geopolitical and military affairs, particularly in Northern Europe, from the Middle Ages to the modern era. It was also important globally through the power northern Europeans projected worldwide during much of the Middle Ages and into the modern era. The North Sea was the centre of the Vikings' rise. The Hanseatic League, the Dutch Republic, and the British each sought to gain command of the North Sea and acc ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Groningen Gas Field
The Groningen gas field is a natural gas field in Groningen province in the northeastern part of the Netherlands. With an estimated 2,740 billion cubic metres of recoverable natural gas it is the largest natural gas field in Europe and one of the largest in the world. The gas field was discovered in 1959 near Slochteren. The subsequent extraction of the natural gas became central to the energy supply in the Netherlands. Virtually all of the Netherlands was connected to Groningen gas in the following years. Revenue from natural gas production became important in the post-war development and construction of the Dutch welfare state. As of 2013, 2,057 billion cubic metres of natural gas had been extracted from the field. Gas extraction resulted in subsidence above the field. From 1991 this was also accompanied by earthquakes. This led to damage to houses and unrest among residents. It was decided to phase out gas extraction from 2014 onwards. The Groningen gas field is expected to b ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Triassic Sherwood Sands
The Triassic ( ) is a geologic period and system which spans 50.6 million years from the end of the Permian Period 251.902 million years ago ( Mya), to the beginning of the Jurassic Period 201.36 Mya. The Triassic is the first and shortest period of the Mesozoic Era. Both the start and end of the period are marked by major extinction events. The Triassic Period is subdivided into three epochs: Early Triassic, Middle Triassic and Late Triassic. The Triassic began in the wake of the Permian–Triassic extinction event, which left the Earth's biosphere impoverished; it was well into the middle of the Triassic before life recovered its former diversity. Three categories of organisms can be distinguished in the Triassic record: survivors from the extinction event, new groups that flourished briefly, and other new groups that went on to dominate the Mesozoic Era. Reptiles, especially archosaurs, were the chief terrestrial vertebrates during this time. A specialized subgroup of ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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