EnQuest PLC has secured a brownfield tax allowance to fully exploit its Thistle oilfield. EnQuest’s GBP 169 million programme of investment for Thistle to deliver threefold increase in production.
The next phase in the life extension programme for Thistle, made possible by the announcement, will safeguard almost 500 existing North Sea jobs and create almost 1,000 new jobs across the UK oil & gas supply chain in Aberdeen, Newcastle, Manchester and Swansea over the next three years.
EnQuest is among the first oil and gas operators to secure a brownfield tax allowance which is one of a series of measures the Government has put in place to stimulate investment in the North Sea.
Commenting on the announcement, the Economic Secretary to the Treasury, Mr. Sajid Javid MP, said “This is positive news and demonstrates how Government’s package of changes to the oil and gas tax regime, including the introduction of Brownfield allowances, is stimulating billions of pounds of investment, supporting jobs, delivering revenue for taxpayers and helping ensure we make the most of this valuable national asset.”
The rejuvenated Thistle field has boosted production to levels not seen since the nineties. Following a successful rig reactivation project, completed with an exemplary safety record free of any lost time incidents on drilling operations, EnQuest is now implementing a technology-led work programme which will simplify and streamline processes to create a reliable production environment and include a major power upgrade.
