The 23rd Int. Petroleum Tax Conference 2012

The organising committee is pleased to present the programme for the 2012 International Petroleum Tax conference. We extend a warm welcome to delegates attending the conference for the first time and appreciate the support of those returning to the conference again this year.

The conference programme has been structured to capture the topical issues of international upstream taxation in addition to the domestic review of Norwegian tax issues. A sample of the topics covered range from a review of the global oil market through global trends in upstream taxation and the wide reaching implications of the tax payment disclosure obligations of Dodd- Frank.

The program outline will follow the pattern of recent conferences; Day 1 will focus on the wider energy landscape and fiscal context in Europe and beyond. Day 2 will cover in depth a range of topical fiscal issues that impact the NCS.

We are delighted to welcome the State Secretary kjetil Lund from the Ministry of Finance who will open the conference with a keynote discussion of current Norwegian petroleum policies within the context of the current global economic challenges.

The CFO of Statoil will appear as the ‘Boardroom speaker’ for the 2012 conference informing the conference of Statoil’s perspective on the opportunities and challenges facing operators in Norway.

We are pleased to welcome Julian Lee from the Centre for Global Energy Studies who will offer his unique and informative perspective on the global oil market, the outlook for demand, supply and the impact on oil prices. To complement the global perspective on oil prices, Peter Grieve from Shell will capture the global trends in upstream taxation and their impacts on investment and competitiveness.

The afternoon session will provide a platform for the alternate perspectives on the importance and practicalities of the tax payment disclosure obligations arising from the Dodd-Frank legislation in the US. We will hear the contrasting Industry and NGO perspectives on this subject.

Following on from the dramatic tax increase in the UK in March 2011 the UK Government has over the course of the last year been in constructive dialogue with Industry. The UK Budget in 2012 agreed in principle to guarantee decommissioning tax relief through a novel contractual approach. Derek Leith from Ernst & Young will present to the conference on how this is likely to work in practice.

The 2012 conference features Ireland for the first time and we welcome Fergus Cahill, Chairman of the Irish Offshore Operators Association, to discuss the context and story of the proposed changes to the Irish petroleum tax regime and their implications for basin investment. To follow Preben Thorsen from Maersk will discuss recent developments and challenges in the Danish regime.. Dr Carole Nakhle will conclude day 1 by presenting on the topic of fiscal changes in the South East Mediterranean and the geopolitical significance of the world class gas offshore discoveries made in this region.

On day 2 the conference will begin with a presentation by Bart Verhagen of Shell, who will discuss the real-time mutual agreement procedure jointly established with the UK and Dutch fiscs, the so-called “tri-partite enhanced relationship”. To follow we are pleased to welcome Dan Witt, (President of the International Tax and Investment Centre) who will discuss his organization’s experiences and the challenges of working with Governments in transitional economies to shape competitive fiscal regimes.

We will also, commencing by mid-morning, delve into the familiar review of topical fiscal issues impacting the Norwegian sector in more detail.

The 23rd International Petroleum Tax Conference provides a unique opportunity to hear from acknowledged experts in the fiscal and energy field on current Industry trends and challenges. The outstanding conference facilities present a congenial setting to promote extensive networking with colleagues from Europe and beyond.