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answer › answer text	%3Cp%3EHM Treasury%E2%80%99s 2018-19 accounts recognise a provision of %C2%A3357m payable to MCX Dunlin and MCX Osprey in respect of decommissioning expenditure in relation to the Dunlin cluster of fields%2C created as a result of Fairfield Energy defaulting on their decommissioning obligations. The decision to decommission the Dunlin cluster was a commercial decision made by Fairfield Energy%2C MCX Dunlin and MCX Osprey after reaching agreement with the Oil and Gas Authority that maximised economic recovery had been achieved for these assets.%3C%2Fp%3E%3Cp%3E %3C%2Fp%3E%3Cp%3EThe provision is based on the tax relief due on the estimated remaining costs of decommissioning the defaulted fields%2C discounted for the time value of money.%3C%2Fp%3E
tabling member constituency	Norwich South
answer › answering member constituency	Newark
max answer › date of answer	2019-07-09

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1136299

registered interest

date

02/07/2019

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Treasury

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answering dept short name

Treasury

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Treasury

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Offshore Industry: Taxation

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25259

pref label	House of Commons

question text

To ask the Chancellor of the Exchequer, with reference to the Written Statement of 21 March 2019 on Decommissioning Relief Deeds, HCWS1435, what the name is of the oil company that defaulted on its decommissioning obligations causing the Government to make two payments totaling £45.4 million in 2017-18; what the circumstances were of that default; and if he will place in the Library a copy of the evidential basis for calculating the provision of £357.1 million for future defaults.

tabling member constituency

Norwich South

tabling member printed

Clive Lewis

uin

272255

answer

is ministerial correction

date of answer

08/07/2019

answer text

HM Treasury’s 2018-19 accounts recognise a provision of £357m payable to MCX Dunlin and MCX Osprey in respect of decommissioning expenditure in relation to the Dunlin cluster of fields, created as a result of Fairfield Energy defaulting on their decommissioning obligations. The decision to decommission the Dunlin cluster was a commercial decision made by Fairfield Energy, MCX Dunlin and MCX Osprey after reaching agreement with the Oil and Gas Authority that maximised economic recovery had been achieved for these assets. The provision is based on the tax relief due on the estimated remaining costs of decommissioning the defaulted fields, discounted for the time value of money.

answering member constituency

Newark

answering member printed

Robert Jenrick

question first answered

08/07/2019 16:45:50

answering member

4320

label	Biography information for Robert Jenrick

tabling member

4500

label	Biography information for Clive Lewis