UK Energy Secretary Ed Davey hailed the spirit of the North Sea oil and gas industry's "pioneers" last night - and praised the sector's recent "renaissance".
As the dust settles on another budget, and the "Granny Tax" occupies fewer column inches, it is good to reflect on where we are in the evolution of the UK Continental Shelf (UKCS) fiscal regime.
“I’m right aren’t I that the £10billion tax grab (announced a year back) hasn’t been reversed?,”
Oil and gas chiefs are still hopeful of new measures to offset some of the damage done by the UK Government's last Budget - despite no mention of the industry yesterday.
Oil and gas experts have called on the UK Government to introduce further tax breaks for North Sea operators to counter the damage of its £10billion raid on the industry.