Oil & Gas UK has set out its proposals for tax changes in the forthcoming Budget to boost the industry’s competitiveness and investors’ confidence in the UK continental shelf (UKCS).
The calls for urgent tax reform follow the trade association’s recent publication of new forecasts which show that in the current price and business environment, more than 1 billion barrels of oil and gas are no longer considered economically viable to extract. Mike Tholen, Oil & Gas UK’s economics director, commented: “In such a mature basin…
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