TAX changes introduced in the past 18 months will have a material impact on the UK North Sea and have already encouraged firms to plan additional investments which could unlock hundreds of millions of barrels of reserves.
Oil & Gas UK said the series of changes introduced by the UK Government after the outcry over the tax hike in the 2011 Budget have provided a big boost to the appeal of the North Sea for firms from around the world. The trade body predicts the changes will lead to a big rise in activity across the exploration and production cycle which could last for years, providing a boost to jobs and to the Treasury's revenues.
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