Vinson & Elkins' lawyers have been advising clients, including oil and gas majors, independent operators and non-operators, service companies, and financial institutions, for more than 40 years on transactions and disputes in the North Sea.
In particular, our North Sea work encompasses
asset and share sales and purchases, advising on all contracts required for
exploration appraisal and development, regulatory and tax advice, and resolving
oil and gas disputes. The V&E North Sea team includes tax lawyers who are
highly familiar with North Sea tax matters. The team has assisted the UK Oil
Industry Tax Committee (UKOITC) and Oil and Gas UK (OGUK) in their
representations to, and discussions with, government on new legislative changes
to the UK’s oil tax regime, including, in recent years, in relation to
decommissioning relief deeds, shale gas-inspired changes, the bareboat
chartering rules, and the capital/revenue expenditure divide as it affects the
availability of the brown field allowance.
Since 2010, our UK team advised on more than
$3.5 billion of completed sales and acquisitions, and has perfected the art of
structuring tax efficient hive-down and sale deals for North Sea oil and gas
Such experience allows our clients to benefit from greater efficiency
and more focused advice than most other firms would be in a position to
provide. It also means V&E would not incur a costly learning curve to get
up to speed on issues relating to the transactions and disputes in the region.