The 26th Int. Petroleum Tax Conference 2015

Welcome to the 26th International Petroleum Tax Conference!

The organising committee are pleased to present the programme for the 2015 International Petroleum Tax conference. We extend a warm welcome to delegates attending for the first time and appreciate the continuing support of those returning to the conference again this year. The 2015 conference will be the 26^th since the inaugural event back in 1990. Since then the reputation of this conference has grown way in excess of initial expectations, both domestically and increasingly overseas. The Oslo conference is now the leading such event in the Industry both in terms of delegate numbers, quality of presenters and the  breadth of institutions/organisations they represent. This is only possible through the continuing support of the delegates many of whom return faithfully each year; the organising committee is particularly grateful to this sustained commitment.

The clear Industry headline for 2015 and perhaps for several years to come is the dramatic collapse in the oil price. The consequences continue to percolate through all facets of our Industry and much uncertainty remains as to the longer term impact. Whilst oil price volatility is nothing new the impact of the current downturn is most acute on maturing high cost basins such as the North Sea. Inevitably this is the dominant concern facing all those associated with the upstream industry from Operators, investors, contractors, policy makers and to all those involved in upstream taxation. The Industry also faces a potentially equally profound challenge from actions to combat Climate Change. If the political rhetoric provides advance warning then the December 2015 Paris conference could well produce a step change in policy measures which have the potential to impose significant additional costs or quasi taxes on the upstream sector both in Europe and beyond. In addition the tax community is following with interest the OECD work on the BEPS project, we are pleased to confirm that the conference programme includes a presentation from the OECD on progress to date. These important themes will be directly and indirectly addressed by many of the speakers over the course of the conference. At a time of such profound industry uncertainty this is the one conference that you cannot afford to miss.

To commence Day 1 we are pleased to have an address by the Minister of Petroleum and Energy, Tord Lien followed by the Boardroom speech from John Chaplin of ExxonMobil. We can expect incisive comments and analysis from the world’s largest oil major. To follow we are pleased to welcome Stephen Hayes from Transocean who will provide delegates with the unique perspective from one of the leading players in the global supply chain. For independent and penetrating analysis David Barrowman from Wood Mackenzie have few equals and we are delighted to welcome them back to provide delegates with an assessment of the impact so far that oil prices are having on tax regimes and what further reforms can be expected.

Following lunch and continuing the focus on global themes we are pleased to welcome Angus Gillespie of Shell to discuss the potential outcomes from the critical Climate Change summit in Paris. To follow, Alexey Kondrashov, the global head of oil & gas tax in EY, will provide to delegates his assessment of global taxation trends.

The next part of the programme turns to more detailed regional updates starting with Mike Tholen from OGUK who will provide an assessment of how the UK is coping with the oil price challenge and recent changes to the fiscal regime to support its competitiveness. In a similar theme we welcome Mike Smith from Deloitte Canada to provide delegates with Canada’s response to the price downturn. His views will be particularly interesting given the considerable scale and diversity of Canada’s oil and gas resources.

To conclude Day 1 Petter Osmundsen from the University of Stavanger, a familiar figure to most of the delegates, will focus on the challenges facing the Norwegian tax regime. At the dinner this year we are very pleased to welcome British Ambassador to Norway Ms Sarah Gillett CMG CVO as guest speaker.

Day 2 of the conference commences with a presentation by Pierre Terzian of Petrostrategies on the very topical issue of oil prices. To follow we are very pleased to welcome Andrew Hickman, head of the transfer pricing unit at the OECD, to update delegates on the OECD’s work on BEPS; delegates may recall the excellent presentation on this subject during the 2013 conference. We will also, commencing mid-morning, delve into the familiar review of topical fiscal issues impacting the Norwegian sector in more detail.

The 26^th 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. For the 26^th conference we will be returning to the familiar and excellent conference facilities at the Hotel Bristol. The hotel presents a congenial setting to promote extensive networking with colleagues from Europe and beyond.