Oil companies welcomed changes which will guarantee tax relief on future decommissioning costs.
10billion tax grab
A senior UK Government minister has warned that an independent Scotland would have to rely heavily on a “volatile” source of revenue with oil and gas.
Taqa said its £818million deal to increase its presence in the North Sea came after "constructive dialogue" with the UK Government over tax changes for oil and gas firms.
Global investors are targeting the North Sea oil industry and creating a new jobs boom.
After the outcry over the UK Government's 2011 Budget £10billion tax grab, North Sea oil producers have been given a string of allowances to make their investments more viable. Aberdeen University's professor of petroleum economics, Alex Kemp, unpicks the latest tax changes and argues that the debate over future additional allowances will continue
George Osborne has stepped in to ease the tax burden on ageing UK oil and gas fields - a move which could unlock £2billion of new investment.
Wednesday's UK Budget should be welcome news to an industry which took a massive knock in 2011 but is starting to get back on its feet.
“I’m right aren’t I that the £10billion tax grab (announced a year back) hasn’t been reversed?,”
A year ago the industry was reeling in shock at a surprise £10billion tax grab on oil and gas producers.
Things could have turned out very different for James Edens. Instead of running the North Sea and Africa operations of Canadian Natural Resources (CNR) he could quite easily have continued his work in heart research, started at university.
Chief Secretary to the Treasury Danny Alexander said yesterday that the UK Government hopes to introduce further tax relief for the oil and gas industry in next year's Budget.
Mega deals in the oil and gas sector are still very much on the agenda, according to PwC's latest global deal trends report out yesterday.