Further to our September 2015 update, details have now been published on the Oil & Gas Authority (Levy) Regulations 2016 (“2016 Regulations”) about the charges payable from 1 April 2016 to 31 March 2017 (“2016 levy”):
Click here to view table.
One new noteworthy provision is that there would be a rebate due if the amount of the levy recovered for the period 1 October 2015 to 31 March 2016 exceeds the Secretary of State’s (i.e. the OGA, once the Energy Bill 2016 receives Royal Assent) actual costs. There is no detail about how this would work in practice and we will provide an update in due course once more information is available.Calculation of the levy for this period remains the same as previously announced under the earlier regulations, without any additional regulatory powers for the OGA.