The chief executive of the UK's Oil and Gas Authority (OGA) said the reduction of the Petroleum Revenue Tax (PRT) from 35% to 0% would help create a "level playing field".
Budget day is always faced with some trepidation in the Oil & Gas UK offices – but I’m please to say that yesterday felt like a decisive move in the right direction.
Chancellor George Osborne delivered a £1billion “shot in the arm” to the struggling North Sea yesterday.
Industry body Oil & Gas UK said the Budget unveiled by the UK Government marked "further progress" in modernising tax regime on the UKCS.
The fresh measures introduced by the UK Government to help support the North Sea oil and gas industry have been described as "disappointing".
The UK Government has revealed there will be £730million in new auctions for subsidies for up to 4GW (gigawatts) of offshore wind and other less established renewables.
George Osborne has announced a package of measures worth £1billion to help the North Sea oil and gas industry.
Motoring organisations have welcomed the decision to freeze fuel duty for the sixth year in a row.
The future prosperity of the oil and gas industry could be at risk if George Osborne fails to act on the challenges the sector is facing, Scotland’s Deputy First Minister has warned.
Chancellor George Osborne is expected to overshoot his borrowing targets and see forecasts for the UK economy downgraded amid a gloomy outlook for the global economy.
In yesterday’s article I set out the backdrop of a collapsing commodity price, high cost base, and tightening debt and equity markets for the oil and gas sector as the context of calls for fiscal change in the Budget tomorrow – today I explain the need for a low, simple and transparent tax rate.
A leading oil and gas tax expert has called on Chancellor George Osborne to make changes to the North Sea oil and gas tax regime which could put off potential buyers of late life assets.