The Oil Taxation (Market Value of Oil) Regulations 2006

Interpretation – reports and factors used in calculations

4.—(1) In these Regulations the terms defined in the following paragraphs, which relate to the way in which the market value of a Category 1 oil is determined, have the meanings given there.

(2) “The relevant reports” means—

(a) Argus Crude published by Argus Media Limited, whose registered office is Argus House, St. John Street London EC1V 4LW;

(b) ICIS (the Independent Chemical Information Services’ World Crude Report), published by Reed Elsevier Group plc whose registered office is Quadrant House, The Quadrant, Sutton, Surrey, SM2 5AS; and

(c) Platts Oilgram published by Platts, a division of the McGraw-Hill Companies, whose registered office is Two Penn Plaza, 25^th Floor, New York, N.Y. 10121-2298.

(3) “The reference value” is the value quoted—

(a) in the case of Argus Crude as “Dated BFO” in the section of the report entitled “Atlantic Basin Crudes, London 16.30 hours, North Sea”;

(b) in the case of ICIS, as “Dated BFO” in the North Sea 3^rd Update; and

(c) in the case of Platts Oilgram, as “Brent (DTD)” in the International section of the report.

(4) “Adjustment factor” means the differential, upon the day in question, from the reference value—

(a) found, in the case of Brent blend, in accordance with regulation 14;

(b) for any other Category 1 oil, shown—

(i) in the case of Argus Crude, in the report under “Atlantic Basin Crudes, London 16.30 hours North Sea”;

(ii) in the case of ICIS, in North Sea 3^rd Update; and

(iii) in the case of Platts Oilgram, as the assessment of the spread against forward dated Brent blend (described in the report as “spread vs fwd DTD Brent”).