Have a read so you know what games they are playing: Thanks to Paul Mobbs for this. Aaah, yes. More stupidity unsubstantiated by evidence! E.g. -- The government is taking steps to ensure that the UK leads the way with shale gas regulation. Shale gas could increase the UK’s energy security, support thousands of jobs, reduce carbon emissions, and generate substantial tax revenue. The big one, buried in the text, is the setting up of a new Oil and Gas Authority to be a one-stop regulatory agency -- at arms length from Government (i.e., probably a lot closer to the industry). All the rest is pretty much just corporate welfare for the industry, allowing them to externalise the costs of environmental regulation/monitoring. At least they didnt announce the 14th Round Licences today! (keep an eye out on 18th December though, just before they disappear for their holidays, dumping all the dirty washing before doing a runner!) Download whole doc. from -- Relevant snippets below. P. Energy 1.120 Clean, safe and secure energy supplies are a key component of the UK’s economic infrastructure. The Autumn Statement sets out a range of measures to develop supplies of oil, gas and electricity for the short and longer term. 1.121 The government is taking steps to ensure that the UK leads the way with shale gas regulation. Shale gas could increase the UK’s energy security, support thousands of jobs, reduce carbon emissions, and generate substantial tax revenue. The government will therefore provide a new £5 million fund to provide independent evidence directly to the public about the robustness of the existing regulatory regime. This will also ensure the public is better engaged in the regulatory process. 1.122 Alongside this, the government will allocate £31 million of funding to create world class sub-surface research test centres through the Natural Environment Research Council. This will establish world leading knowledge which will be applicable to a wide range of energy technologies including shale gas and carbon capture and storage. 1.123 The government intends to set up a long-term investment fund from tax revenues from shale for the North and other areas hosting shale gas developments, to capture the economic benefits of shale gas for future generations. 1.124 As well as encouraging the development of the shale gas industry in the UK, the government is committed to maximising the economic benefits of the oil and gas resources in the UK Continental Shelf (UKCS). With the equivalent of between 11 and 21 billion barrels of oil still to be exploited, the UKCS can continue to provide considerable economic benefits to the UK through increased energy security, a stronger balance of payments position, high-value jobs and further development of the UK’s strong, export-focussed supply chain. 1.125 To ensure the UKCS continues to attract investment and remove barriers at all stages of the production life cycle, the government will shortly set out major reforms to the oil and gas fiscal regime. As part of these reforms the government will: # implement an immediate 2% reduction in the rate of the Supplementary Charge, from 32% to 30%, taking effect on 1 January 2015, and will aim to reduce the rate further in an affordable way, to encourage additional investment and drive higher production, sending a strong signal that the UKCS is ‘open for business’ # extend the ring fence expenditure supplement to 10 years for offshore oil and gas activities to support investment by companies whose expenditure exceeds their production income, aligning the treatment of offshore and onshore projects 1.126 Together these measures are expected to incentivise extra investment and lead to additional production on top of the approximately 9 billion barrels of oil equivalent the UK currently expects to produce, as well as sustaining oil and gas tax receipts for the longer term. Science and innovation 1.195 This package of measures also seeks to cement the north as a world leader in science and technology, with: # £750,000 development funding, matched by industry and education providers, for the new National College for Onshore Oil and Gas in Blackpool # £31 million into Energy Security and Innovation Observing System, consisting of 2 sub-surface test centres, one of which will be at the former Shell site in Thornton, North West # a new long-term investment fund established from tax revenues from shale gas extraction in the north, to capture the economic benefits of shale gas for future generations, and ensure that revenues are invested in the long-term economic health of the north to create jobs and investment Energy and the environment 2.208 Household energy efficiency -- As announced on 7 October 2014, the government will increase funding by £100 million over 2014-15 and 2015-16 to support households installing energy efficiency improvements. (23) 2.209 Shale exploration -- The government will establish a new £5 million fund for shale exploration to provide independent evidence directly to the general public about the robustness of the existing regulatory regime. (15) 2.210 Shale long-term investment fund -- The government will establish a long-term investment fund from tax revenues from shale for the north and other areas hosting shale gas developments. Proposals will be brought forward in the next Parliament. 2.211 Off-gas-grid fund -- The government will provide £25 million for first-time heating systems in off-gas-grid homes in England. (24) 2.212 Oil and Gas Authority -- The government will provide an additional £6 million of funding for the Oil and Gas Authority in 2015-16 to help establish the body as a new arms‐length asset steward and regulator. (22)
Posted on: Thu, 04 Dec 2014 12:06:23 +0000
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