HMRC: Petroleum Revenue Tax: cutting administration costs for the oil industry (link)
The measure aims to simplify the process for opting fields out of the Petroleum Revenue Tax (PRT) regime. The responsible person for a taxable oil field will be able to remove the oil field from the PRT regime simply by making an election to do so, and then notifying HM Revenue and Customs (HMRC).
Additionally, the measure aims to simplify certain reporting requirements for those participators who remain in the PRT regime by removing some elements which are no longer relevant.
Source: HMRC.