The 27th Int. Petroleum Tax Conference 2016

Welcome to the 27th International Petroleum Tax Conference!

The organising committee are pleased to present the programme for the 2016 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 2016 conference will be the 27th since the inaugural event back in 1990. The reputation of this conference continues to grow, both domestically and overseas. Today the  Oslo conference is  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 low oil price continues to dominate the headlines with predictions of a durable price recovery becoming increasingly distant. The Industry response in tackling costs and the pursuit of financial discipline is making progress but clearly there is much that remains on the ‘to do’ list. High cost basins such as the North Sea are particularly vulnerable with mounting evidence of falling investment. There is a role for innovative solutions such as the merger between Det Norske and BP Norway, perhaps more can be expected as the basin matures. Governments are also sharing the pain with tax revenues falling dramatically.  In the case of the UK tax revenues are now negative as decommissioning activity ramps up. These are some of the themes that will be explored in greater depth during the conference programme and the many networking opportunities the event offers.

To commence Day 1 we are very privileged to welcome the Norwegian Minister of Finance, Siv Jensen, to address to conference. This is a rare opportunity to understand the Norwegian Government’s perspective on the condition of the Industry and the impact on its finances from the price downturn. This address will be followed by the Boardroom speech from Tor Arnesen of Norske Shell, a company that has a long history of being amongst the leading investors and Operators in the North Sea.

To follow we turn to the macro perspective and address two related issues, critical to the long term future of the Industry, namely Climate change and oil markets. Bjørn Otto Sverdrup will firstly address Statoil’s perspective on the likely impacts on our Industry from the Paris agreement on Climate Change. Secondly we are pleased to welcome back to the conference a former speaker Christof Ruhl from the Abu Dhabi Investment Authority who will offer his views on the state of play in global oil markets.

Following lunch Graham Kellas from Wood Mackenzie will update the conference on the trends in global oil & gas terms and whether they are becoming more reflective of current prices. Diving further into detailed updates Bob Cardno from EY will inform the conference of how the UK is weathering the oil price downturn and the role of tax policy in helping the UK basin remain competitive. Ove Lykke Hindhede from PwC Denmark will present a similar picture from a Danish perspective.

To conclude day 1 we welcome former speaker Carole Nakhle of Crystol Energy to address the conference on the topic of fiscal stabilisation in oil & gas contracts. A challenging concept is times of extreme price volatility.

Day 2 of the conference commences with a presentation by Håvard Holterud, Techncial assistance advisor,  on oil & gas tax administration in resource rich countries. To follow we are pleased to welcome a topical BEPS update from Michael McDonald from the US Treasury.

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

The 27th 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. Delegates should note that the 27th conference we will be held at the splendid surroundings of the ‘Gamle Logen Selskapslokaler’ in downtown Oslo. We extend a very warm welcome to returning and new delegates and hope that this new congenial location will represent an excellent opportunity for you to exploit networking opportunities with colleagues from Europe and beyond.